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Problem 1: Alpha sold machinery, which it used in its business, to Beta, a related entity, for $40,300. Beta used the machinery in its business. Alpha bought the machinery a few years ago for $49,700 and has claimed $30,300 of depreciation expense. What is the amount and character of Alpha's gain?
Multiple Choice
a- $20,900 ordinary income under §1239.b- $20,900 capital gain.c- None of the choices are correct.d- $10,900 ordinary gain.e- $10,000 ordinary gain and $10,900 §1231 gain.
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