Firm OCS sold business equipment with a $22,000 initial cost basis and $9,115 accumulated tax depreciation. In each of the following cases, compute OCS's recaptured ordinary income and Section 1231 gain or loss on sale. (Leave no cell blank. Enter "O" for cells that do not have an amount.) a. Amount realized was $10,400. b. Amount realized was $13,400. c. Amount realized was $17,900. d. Amount realized was $24,900. a. Recaptured ordinary income of Section 1231 gain or (loss) b. Recaptured ordinary income of Section 1231 gain or (loss) Recaptured ordinary income of Section 1231 gain or (loss) Recaptured ordinary income of Section 1231 gain or (loss) C. d.

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.