Butte sold a machine to a machine dealer for $50,000. Butte bought the machine for $55,000 several year ago and has a claimed $12,5000 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss?
a. 7,500 section 1231 loss
b. $7,500 section 1231 gain
c. $7,500 ordinary gain
d. 7,500 capital gain
e. none of these
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Butte sold a machine to a machine dealer for $50,000. Butte bought the machine for $55,000 several year ago and has a claimed $12,5000 of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Bradford Company had sales of $700,000 for a year. The total assets at the beginning of the year were $240,000, and the total assets at the end of the year were $280,000. The asset turnover ratio is (round answer to 2 decimal places): a. 2.69 b. 0.
Answers (1)
If Carly shows the interviewer that she is familiar with European Union regulations and knowledgeable about how people in Germany prefer to do business, which dimension of her global mindset is she demonstrating? A. Social dimensionB.
Answers (1)
The mean income per person in the United States is $41,500, and the distribution of incomes follows a normal distribution. A random sample of 10 residents of Wilmington, Delaware, had a mean of $47,500 with a standard deviation of $10,600. At the 0.
Answers (1)
Multiple Choice Question 60 A department adds all raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process.
Answers (1)
What is a business trade area
Answers (1)
New Questions in Business
A Six sigma (6s) approach to quality focuses on preventing defects by using customer feedback to reduce variation and waste. Group of answer choices True False
Answers (1)
Substance use/abuse becomes a form of self-soothing when you feel stress or anxious
Answers (1)
A man eats chips and dips and burgers and fries, and drinks a couple of shakes. afterward, he goes to the gym and does 90 minutes of aerobics, spends an hour on the stair stepper, and then does weights for another hour.
Answers (1)
What are your special skills characteristics that are related with your business?
Answers (1)
Which activity is done in Step 2 of comparison shopping? Research a product. Assess the purchase objectively. Compare prices and features. Buy a product.
Answers (2)