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A taxpayer purchased business machinery on February 16, 2012, for $25,000. The machinery was sold for $26,000 on November 10, 2013. Depreciation information is as follows: Accelerated depreciation taken $9,000 Straight-line depreciation (7-year life) $5,000 What is the gain or loss on the sale of this machinery, and how will it be treated on the tax return? 1) $4,000 ordinary income and $6,000 Section 1231 gain 2) $4,000 ordinary income and $6,000 long-term capital gain 3) $9,000 ordinary income and $1,000 Section 1231 gain 4) $9,000 ordinary income and $1,000 long-term capital gain 5) None of the above
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