This year the coral company inc generated 650000 from its

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Reference no: EM13577518

This year, the Coral Company Inc. generated $650,000 from its routine business operations. In addition, it sold the following assets, all of which were held for more than 12 months. In addition in the five prior years the company recorded section 1231 losses of $54,000 in total of which $31,000 was previously recaptured under the look-back.

rule. Compute Corals taxable income for 2012 and the characterization of its section 1231 gains if any.

ASSET	BASIS	ACCUM. DEPR.	SALES PRICE
EQUIP P	$90,000	$25,000	$120,0000
EQUIP C	450,000	100,000	450,000
FURN.	184,000	22,000	148,000
TRANS EQUIP	800,000	640,000	240,000
LAND BUS	280,000	-0-	390,000
BLDG	700,000	500,000	370,000

BLDG has $100,000 of accelerated depreciation, which is part of the $500,000 reflected above.

Reference no: EM13577518

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