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During 2023, C Corp/S Corp/Partnership sold machinery for $1,000,000 The machinery was purchased...

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Accounting

During 2023, C Corp/S Corp/Partnership sold machinery for $1,000,000 The machinery was purchased in 2022 at an original cost of $800000 Assume that depreciation deductions allowable for the years 5 through the date of sale totaled $1,5000 WHAT IS THE AMOUNT OF GAIN/LOSS ON THE TRANSACTION AND WHAT IS THE CHARACTER OF THE GAIN/LOSS?
Assume the same facts as question 2 except the asset is sold ford $150000 In 2022 C Corp/S Corp/Partnership had a Section 1231 loss of $1000 There have been no other property transactions since then. WHAT IS THE AMOUNT OF GAIN/LOSS ON THE TRANSACTION AND WHAT IS THE CHARACTER OF THE GAIN/LOSS?
During 2023, C Corp/S Corp/Partnership sold land and a building for $2,000,000 The selling price was allocated $500 to land and $800 to building. The land and building were purchased in 2022 at an original cost of $1500(allocated $500 to land and $800 to building). Assume that depreciation deductions allowable under MACRS for the years 5 through the date of sale on the building totalled $2000. WHAT IS THE AMOUNT OF GAIN/LOSS ON THE TRANSACTION AND WHAT IS THE CHARACTER OF THE GAIN/LOSS?(The company has never had a property transaction in the past).
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