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Problem - Siena Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows:
Asset
Cost
Acquired
Accumulated Depreciation
Sold for
Sold on
Rack
$100,000
10/10/15
$62,000
$85,000
10/10/19
Forklift
35,000
10/16/16
23,000
5,000
Bin
87,000
03/12/18
34,000
60,000
Required -
a. Find the amount and the character of the recognized gain or loss from the disposition of each asset.
b. Assuming that Siena has no nonrecaptured 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.
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