Reference no: EM132463227
Siena Industries (a sole proprietorship) sold three 1231 assets during 2018. Data on these property dispositions are as follows:
Asset Cost Acquired Depreciation Sold for Sold on
Rack $100,000 10/10/14 $62,000 $85,000 10/10/18
Forklift $35,000 10/16/15 $23,000 $5,000 10/10/18
Bin $87,000 3/12/17 $34,000 $ 60,000 10/10/18
Question 1: Determine the amount and the character of the recognized gain or loss from the disposition of each asset. (please include formulas used)
Question 2: If Siena has no non-recaptured net ?1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain. (please include formulas used)
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