Quick Corporation sold a machine for $80,000 that it had acquired three years ago for...
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Accounting
Quick Corporation sold a machine for $80,000 that it had acquired three years ago for $68,000. If its adjusted basis when sold was $50,000, what should Quick report on its tax return as a result of this sale?
A. Section 1231 gain of $38,000
B. Section 1245 recapture of $18,000; Section 1231 gain of $30,000;
C. Ordinary income of $12,000 and Section 1231 gain of $18,000
D. Section 1245 recapture of $18,000 and Section 1231 gain of $12,000;
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