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Question - This question deals with Section 1231 Gains and Losses and Depreciation Recapture. In 2015, Mary sells for $14,000 a machine used in her business. The property was purchased on May 1, 2013 at a cost of $13,000. Mary has claimed depreciation on the machine of $8,000. What is the amount and nature of Mary's gain as a result of the sale of the machine?
a. $9,000 Section 1231 gain
b. $9,000 ordinary income under Section 1245
c. $8,000 ordinary income and $1,000 Section 1231 gain
d. $8,000 Section 1231 gain and $1,000 ordinary income under Section 1245
e. none of the above
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