Determine the amount of the capital gain

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Reference no: EM13795961

An asset with a first cost of $240,000 three years ago is sold for $285,000. The asset was depreciated by the MACRS method and has a book value of $69,120 at the time of sale. Determine the amount of the capital gain, if any, and the amount of the depreciation recapture, if any.

Reference no: EM13795961

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Determine the amount of the capital gain : An asset with a first cost of $240,000 three years ago is sold for $285,000. The asset was depreciated by the MACRS method and has a book value of $69,120 at the time of sale. Determine the amount of the capital gain, if any, and the amount of the de..

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