A C corporation acquired a machine for $100,000 and placed it in service on August 15, 2014.

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A C corporation acquired a machine for $100,000 and placed it in service on August 15, 2014. The corporation elected S corporation status at the beginning of 2018. On February 13, 2019, the property was sold for $40,000, payable in four yearly installments of $10,000 plus interest. What is the amount of ordinary income to be reported from the sale?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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