Edward recognized a $13,000 gain on Section 1231 property, which had accumulated depreciation of $12,000....
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Accounting
Edward recognized a $13,000 gain on Section 1231 property, which had accumulated depreciation of $12,000. Determine how the gain or loss will be taxed.
$12,000 long-term capital gain; $1,000 ordinary income $12,000 ordinary income; $1,000 long-term capital gain $1,000 ordinary income $1,000 capital gain
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