Jacob purchased business equipment for $92,700 in 2019 and has taken $55,620 of regular MACRS depreciation. Jacob sells the equipment in 2022 for $41,715. What is the amount and character of Jacob's gain or loss?

If an amount is zero, enter "0".

Jacob has § 1245 gain of $___________ and $ 1231 gain of $____________ .

Answer rating: 100% (QA)

To calculate Jacobs gain or loss we need to determine the adjusted basis of the equipment and compar... View the full answer