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Money Industries sold the following business assets during the current year:Machinery: $20,000 cost; $8,000 accumulated depreciation; $25,000 sales...
building
Proceeds
cost basis
-accumulated depreciation
adjusted tax basis
total gain(loss)
1231 gain(loss)
ordinary 1245
ordinary 1250
ordinary 291
Money had $15,000 of nonrecaptured §1231 losses in the prior 5 years. How much capital gain (if any) does Money report after the §1231 netting process? How much ordinary gain (if any) does Money report on its tax return?