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What is the amount and character of Lena gain or loss

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Reference no: EM132660159

Problem - Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $26,000 with an adjusted basis of $15,500 for $17,000. Later in the year, Lena sold another piece of equipment purchased two years ago with an adjusted basis of $8,200 for $5,500. What is the amount and character of Lena's gain or loss?

Reference no: EM132660159

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