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a. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership?

b. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation?

c. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were increased to $60,000?

d. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a corporation and the sale proceeds were decreased to $20,000?

1 Part 1 of 4 Required Information The following information applies to the questions displayed below) In year 0. Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the machine for $42,000. Between the date of the purchase and the date of the sale, Canon depreciated the machine by $32,000. (Loss amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) 1 points Sipped a. What are the amount and character of the gain or loss Canon will recognize on the sale, assuming that it is a partnership? eBook Amount Description Total Gain/(Loss) Recognized Character of Recognized Gain (Loss): Ordinary Gain (Loss) $1231 gainposs)

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