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This year, the Coral Company Inc. generated $650,000 from its routine business operations. In addition, it sold the following assets, all of which were held for more than 12 months. In addition in the five prior years the company recorded section 1231 losses of $54,000 in total of which $31,000 was previously recaptured under the look-back.
rule. Compute Corals taxable income for 2012 and the characterization of its section 1231 gains if any.
ASSET
BASIS
ACCUM. DEPR.
SALES PRICE
EQUIP P
$90,000
$25,000
$120,0000
EQUIP C
450,000
100,000
FURN.
184,000
22,000
148,000
TRANS EQUIP
800,000
640,000
240,000
LAND BUS
280,000
-0-
390,000
BLDG
700,000
500,000
370,000
BLDG has $100,000 of accelerated depreciation, which is part of the $500,000 reflected above.
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