Nadia Shalom has the following transactions during the year:
Sale of office equipment on March 15 that cost $19,000 when purchased on July 1, 2014. Nadia has claimed $3,000 in depreciation and sells the asset for $13,000 with no selling costs.
Sale of land on April 19 for $124,000. The land cost $132,000 when purchased on February 1, 2005. Nadia's selling costs are $6,000.
Assume there were no capital improvements on either business asset sold. Nadia's Social Security number is 924-56-5783. Complete Form 4797 on Pages 8-47 and 8-48 to report the above gains or losses.