How will the transaction be reported on the tax return

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Reference no: EM131256172

On November 2, Brown corp sold equipment with a basis of 22,000 For 30,000. Depreciation to date amounted to 3,000. How will the transaction be reported on the tax return?

Explain how the sale of a business asset which is not a capital asset can result in a capital gain. Can a business asset sold at a loss result in a capital loss?

Reference no: EM131256172

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