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Teton sold machinery for $400,000. What is the amount of the gain Teton must recognize...

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Question

Accounting

Teton sold machinery for $400,000. What is the amount of the gain Teton must recognize on the sale? The original basis was $710,000 and the accumulated depreciation was $450,000.

What is the character of the above gain?

A

All ordinary
B

All long-term capital gain
C

Some ordinary income and some long-term capital gain

Answer & Explanation Solved by verified expert
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