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What is andrea recognized gain on the sale

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Question - In 2010, Andrea sold a piece of equipment from Andrea's business for $300,000. The equipment was purchased in 2006 for $180,000. It had a useful life of five years and was depreciated on a straight-line basis. Assume total of $126,000 depreciation was taken (prior to the sale). What is Andrea's recognized gain on the sale?

a. $300,000

b. $246,000

c. $126,000

d. $120,000

Refer to the facts stated in the prior question. What amount of the gain will be recaptured at Andrea's ordinary income rate?

a. $300,000

b. $246,000

c. $126,000

d. $120,000

Refer to the facts stated in the prior two questions. What amount of the gain will be treated as Section 1231 gain and (possibly) taxed at the long-term capital gain rate?

a. $300,000

b. $246,000

c. $126,000

d. $120,000

Reference no: EM131790801

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