5. Patricks Vegetable Industries (a sole proprietorship) sold three 1231 assets on October 10,...
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5. Patricks Vegetable Industries (a sole proprietorship) sold three 1231 assets on October 10, 2018. Data is below.AssetCost Acquired DepreciationSold forRack$105,000 10/30/2007$70,000 $85,000 Forklift$37,000 10/17/2009$17,000 $4,000 Elevator$94,000 4/17/2010$43,000 $74,000 These were Patricks only 1231 transactions during the year. Assuming he has no non-recaptured 1231 losses from prior years, what is the amount and character of gain recognized by Patrick?6.
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