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What is the classification of the gain on the sale

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Question - Ms. Cool purchased a new freezer for her grocery store at a cost of $80,000 on July 1 of last year. Ms. Cool elected to expense $30,000 (Sec. 179) of the cost last year (consider this to be additional depreciation) and depreciated the remaining $50,000. Regular depreciation taken was $18,000. Total depreciation was $48,000 (regular depreciation of $18,000 and Sec. 179 of $30,000) prior to the sale of the equipment in December of this year. The sales price on December 1 of this year was $70,000. What is the classification of the gain on the sale?

Reference no: EM132977603

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