Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bennie sold equipment for $150,000. the equipment

Bennie sold equipment for $150,000. The equipment was purchased for $175,000 and had accumulated depreciation...

70.2K

Verified Solution

Question

Accounting

  1. Bennie sold equipment for $150,000. The equipment was purchased for $175,000 and had accumulated depreciation of $75,000. What amount is reported as ordinary income under Code Sec. 1245?

  1. $100,000

  1. $40,000

  1. $50,000

  1. $75,000

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

Chemistry
1.2K views

Combustion analysis of 17.471 g of trioxane produces 10.477 g of water and 25.612 g of...

Psychology
1.2K views

How do you think John Watson's scandal would be addressed today? Do you think that Watson...

Biology
1.2K views

Female Drosophila fruit flies deposit mRNA coding for Bicoid protein at the anterior head and...

Physics
1.2K views

1 Which of the following statements is incorrect for Gauss s law a Gaussian surfaces...

Algebra
1.2K views

Examine the table of f x O 0 75 O 1 95 O 0 50...

Accounting
1.2K views

Why does the bankruptcy legislation treat individuals differently from corporations regarding a discharge from bankruptcy?...

Accounting
1.2K views

Required information Skip to question [The following information applies to the questions displayed below.]...

Accounting
1.2K views

three reasons why a company may sell its receivable

Accounting
1.2K views

During the current year, Harry and Ron form Potter Corporation and transfer the following property,...

Finance
1.2K views

If a bank invested $54 million in a two-year asset paying 13 percent interest per...

Accounting
1.2K views

In 2024, the Westgate Construction Company entered into a contract to construct a road for...

Accounting
1.2K views

Fart B Probkm () 07 sarke Dabail Company was organised on ne ondertoevalualeand comol inventory...