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In year Javens Incorporated sold machinery with a fair market value of $ to Chris. The machinery's original basis was $ and Javens's accumulated depreciation on the machinery was $ so its adjusted basis to Javens was $ Chris paid Javens $ immediately in year and provided a note to Javens indicating that Chris would pay Javens $ a year for six years beginning in year
Required:
a What are the amount and character of the gain that Javens will recognize in year
b What amount and character of the gain will Javens recognize in years through
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What are the amount and character of the gain that Javens will recognize in year
Note: Do not round intermediate computations.
tableDescriptionAmountRecognized Gain,Character of RecognizedrGain:,Ordinary Gain, gain,
