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Question - In 2010, Andrea sold a piece of equipment from Andrea's business for $300,000. The equipment was purchased in 2006 for $180,000. It had a useful life of five years and was depreciated on a straight-line basis. Assume total of $126,000 depreciation was taken (prior to the sale). What is Andrea's recognized gain on the sale?
a. $300,000
b. $246,000
c. $126,000
d. $120,000
Refer to the facts stated in the prior question. What amount of the gain will be recaptured at Andrea's ordinary income rate?
Refer to the facts stated in the prior two questions. What amount of the gain will be treated as Section 1231 gain and (possibly) taxed at the long-term capital gain rate?
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