17. Vertical, Inc., has a 2021 net 1231 gain of $67,000 and had a...
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17. Vertical, Inc., has a 2021 net 1231 gain of $67,000 and had a $22,000 net 1231 loss in 2020. For 2021, Vertical's net 1231 gain is treated as:
a.$67,000 ordinary gain
b.$67,000 capital gain
c.$45,000 long-term capital gain and $22,000 ordinary gain.
d.$45,000 long-term capital gain and $22,000 ordinary loss.
18. Data, Inc., purchased and placed in service a $5,000 computer on August 24, year 3. This is
the only asset purchase during the year. Section 179 expensing was not elected. Using the excerpt of the MACRS half-year convention table below, what is the MACRS depreciation in year 3 for the computer?
| Recovery Period | 5-Year | 7-Year | 10-Year |
| 1 | 20% | 14.29% | 10% |
| 2 | 32% | 24.49% | 18% |
| 3 | 19.2% | 17.49% | 14.4% |
a. $500
b. $715
c. $960
d. $1,000
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