Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a taxpayer acquired business equipment three years

A taxpayer acquired business equipment three years ago costing $110,000. MACRS depreciation of $50,000 has...

80.2K

Verified Solution

Question

Accounting

A taxpayer acquired business equipment three years ago costing $110,000. MACRS depreciation of $50,000 has been taken. The equipment was sold for $117,000. If no other sales occurred during the year, how much of the gain is Section 1231 gain taxed as LTCG? $57,000. $50,000. $0. $7,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

For 10 17 Elephants have the longest pregnancy of all mammals One species of elephant...

Finance
1.2K views

17. The balance in a firm's cash account was $139,252 at the end of 2018. In...

Basic Math
1.2K views

Suppose that the number of printing mistakes on each page of a 200-page Mathematics book is...

Electrical Engineering
1.2K views

Find the 10-point DFT sequence of the x [n] sequence given below. ?[?] = cos ( 3??/...

Physics
1.2K views

86 Units and Measurements 18 The frequency of vibrations f of a mass m suspended...

Statistics
1.2K views

Cholesterol An article in the Archives of Internal Medicine reported that in a sample of...

Calculus
1.2K views

Evaluate surface integral where S is surface z x y 0 z 2

Calculus
1.2K views

Find the most general antiderivative Use C for the constant of integration Remember to use...

Accounting
1.2K views

please solve Exercise 20-17 (Algo) Preparation of cash budgets (for three...

Accounting
1.2K views

Providing for Doubtful Accounts At the end of the current year, the accounts receivable...

Accounting
1.2K views

Calculate how much McDonald would have in ordinary income, ordinary loss, capital gain, or capital...

Finance
1.2K views

Homework: Chapter 6 Homework Score: 0 of 1 pt 4 of 10 ( P 6-12...