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A business sells a machine used in its business for $18,000. It had purchased the...

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Accounting

A business sells a machine used in its business for $18,000. It had purchased the machine 10 months earlier for $26,000. What is the amount and type of the $8,000 loss on the sale of the asset?

Select one:

a. Section 1245 loss

b. Section 1231 loss

c. Ordinary loss

d. Capital loss

Answer & Explanation Solved by verified expert
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