You had purchased equipment for your business that was being depreciated over a 7-year life....
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Accounting
You had purchased equipment for your business that was being depreciated over a 7-year life. The original cost of the equipment was $80,000 and $38,000 had been taken as cost recovery. Today, you sold the equipment for $50.000. How much must be recaptured under Section 1245 as ordinary income? A. $0 B. $8,000 C. $12,000 D. $38,000
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