Jannie, a self-employed taxpayer, purchased machinery for $60,000 in 2014. In 2022, Jannie sold the...
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Accounting
Jannie, a self-employed taxpayer, purchased machinery for $60,000 in 2014. In 2022, Jannie sold the machinery for $67,000. At the time of the sale, Jannie's depreciation deduction totaled $50,700. What part of the gain is taxed as long-term capital gain?
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