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What is the amount and character of his gain or loss

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Question - Chuck sold a tractor to a dealer for $16,000. He bought the tractor for $25,500 several years ago and has claimed $12,000 of depreciation deduction on the tractor. What is the amount and character of his gain or loss from the sale of the tractor?

a. 2,500 capital gain

b. 2,500 ordinary income

c. 2,500 section 1231 gain and then treated as long-term capital gain at 15%

d. 9,500 section 1231 loss

e. None of the above

Reference no: EM132784031

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