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What is the gain from the given transaction

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Reference no: EM131810022

Problem

Bob sold business-use machinery for $26,000 on December 31, 2007. The machinery had been purchased on Januiary 2, 2004 for $30,000 and had an adjusted basis of $21,000 at the date of the sale. Please show work.

What is the 1231 gain from this transaction?

What is the 1245 recapture gain from this transaction?

Reference no: EM131810022

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