What is the amount of ordinary income

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Reference no: EM1373994

A C corporation gets a machine for $100,000 and placed it in service on August 15, 2007. The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in four yearly installments of $10,000 plus interest. Evaluate what is the amount of ordinary income to be reported from the sale?

Reference no: EM1373994

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