Business
Business, 16.10.2019 00:30, laniiawesomee

Winchester llc sold the following business assets during the current year: (1) automobile, $30,000 cost basis, $12,000 depreciation, $20,000 proceeds; (2) machinery, $25,000 cost basis, $20,000 depreciation, $10,000 proceeds; (3) furniture, $15,000 cost basis, $10,000 depreciation, $4,000 proceeds; (4) computer equipment, $25,000 cost basis, $6,000 depreciation, $10,000 proceeds; (5) winchester had unrecaptured §1231 losses of $3,000 in the prior five years. what are the amount and character of winchester's gains and losses before the §1231 netting process? assume all assets were held for more than one year.

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Winchester llc sold the following business assets during the current year: (1) automobile, $30,000...

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