Several years ago, Nipher paid $70,000 to purchase equipment to use in its business. This year, it sold the equipment for $76,500. Accumulated depreciation through date of sale was $18,000. MACRS Determine the amount of Nipher's Section 1231 gain recognized.
Several years ago, Nipher paid $70,000 to purchase equipment to use in its business. This year, it sold the equipment for $76,500. Accumulated depreciation through date of sale was $18,000. MACRS Determine the amount of Nipher's Section 1231 gain recognized.
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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Transcribed Image Text:Several years ago, Nipher paid $70,000 to purchase
equipment to use in its business. This year, it sold the
equipment for $76,500. Accumulated
depreciation through date of sale was $18,000.
MACRS
Determine the amount of Nipher's Section 1231 gain
recognized.
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