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QUESTION

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? 

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