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Question - Alan sold all the depreciable assets of his business, calculated the gains and losses, and would like to know the final character of those gains and losses. Alan had $307,000 of adjusted gross income before considering the gains and losses from sale of the business assets. He had an unrecaptured §1231 lookback loss of $7,000.
Asset
Purchase Date
Sale Date
Depreciation
Gain (Loss)
Machine #1
10/10/18
11/11/20
$250,000
$61,000
Machine #2
10/02/18
54,000
(16,000)
Machine #3
09/23/16
175,000
32,000
Machine #4
30,000
58,000
Answer each of the following questions. Be sure to show and label all calculations.
-Identify the initial classification/type of the gain or loss for each machine.
-What is the treatment of the gains and losses summarized in the chart below after all possible netting and reclassification has been completed?
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