What are the amount and character of the gain

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On August 1 of year 0, Dirksen purchased a machine for $41,250 to use in its business. On December 4 of year 0, Dirksen sold the machine for $35,500. (Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations. Round other intermediate computations to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

Problem 1: What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine is sold on January 15 of year 1 instead?

Reference no: EM132964649

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