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What is the amount and character of the gain or loss

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Question - On August 1 of year 0, Dirksen purchased a machine for $29,750 to use in its business. On December 4 of year 0, Dirksen sold the machine for $24,750. (Use MACRS Table).

(Loss amounts should be indicated by a minus sign. Do not round percentages used for calculations.)

a. What is the amount and character of the gain or loss Dirksen will recognize on the sale?

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

Reference no: EM132924986

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