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What is the amount and character of spring gain or loss

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Reference no: EM133041582

Question - Spring, Inc. sold equipment that it uses in its business for $30,000. Spring bought the equipment a few years ago for $80,000 and has claimed $40,000 of depreciation expense. Assuming that this is Spring's only disposition during the year, what is the amount and character of Spring's gain or loss?

A) $10,000 §1231 loss.

B) $10,000 §1245 loss.

C) $50,000 ordinary loss.

D) $10,000 capital loss.

E) None of the choices are correct.

Reference no: EM133041582

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