abled: Ch $7-9$ Exam $(75$ min $)$

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Sove & Exit

Yoonah sells a piece of specialized equipment $($with a high resale value$)$ used in a business for $$41,650$ on September $10,2023.$ The equipment was purchased on May $20,2020,$ for $$32,000.$ Yoonah has taken $$9,200$ of depreciation on the equipment. What are the amount and classification of the gain on the sale by Yoonah?

Multiple Choice

$$ $$9,200$ ordinary income under Section $1250$ and $$9,650$ Section $1231$ gain

$$ $$9,200$ Section $1231$ gain and $$9,650$ Section $1245$ ordinary income

$$ $$9,200$ ordinary income under Section $1245$ and $$9,650$ Section $1231$ gain

$$ $$18,850$ Section $1231$ gain

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