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JKCPA
JKCPA, CPA
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The chart below describes the 1231 assets sold by the Burgundy

Resolved Question:

The chart below describes the § 1231 assets sold by the Burgundy Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long-term capital gain for the year. Assume that there is a § 1231 lookback loss of $4,000.

Asset
Acquired
Sold
Cost
Depreciation
Sale Price

Stamping machine
3/10/03
8/10/2008
$40,000
$29,736
$32,000

Factory building
2/12/00
7/23/2008
80,000
18,838
90,000

Tractor
5/16/02
11/13/2008
52,000
52,000
30,000

Overhead crane
11/12/96
2/25/2008
74,000
74,000
18,000
Submitted: 6 years ago.
Category: Tax
Expert:  JKCPA replied 6 years ago.

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