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What is the gain from the given transaction for blue company

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Reference no: EM131810321

Problem

Blue company sold machinery for $55,000 on December 23, 2007. The machinery had been acquired on April 1, 2005 for $49,000 and its adjusted basis was $14,000.

What is the 1231 gain from this transaction?

What is the 1245 recapture gain from this transaction?

Reference no: EM131810321

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