Corporation Y has the following property transactions during 2020. Assume all property was used and...
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Corporation Y has the following property transactions during 2020. Assume all property was used and held in the business for more than a year.
Asset Cost Accumulated Depreciation Sales Price Building $1,100,000 $100,000 $1,100,000 Equipment $12,000 $8,000 $3,000 Equipment $10,000 $2,000 $7,000 Apple Stock $20,000 N/A $16,000
The following are the net 1231 gains and losses the Corporation has experienced in the past five years. Year 1231 Net Gain/(Loss) 2015 $ 10,000 2016 $ 15,000 2017 $ 6,000 2018 $ 3,000 2019 $ (2,000)
What is the NET 1231 Long-term Capital Gain for Corporation Y in 2020?
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