Question: Hello! Please show calculations! If you can put the solution in a table or excel format. that would be greatly appreciated! Thank you so much!
Hello! Please show calculations! If you can put the solution in a table or excel format. that would be greatly appreciated! Thank you so much!

Question 3 (12 points) P&G Corporation, a C corporation, sold the following business assets in 2021. Compute the amount and character of the gain or loss P&G Corporation must report from the disposition of each asset. Then determine the net amount of each type of gain or loss recognized by P&G Corporation in 2021 (e.g. net $1231 gain or loss, net orginary gain or loss, etc.). Assume that P&G Corporation has no Section 1231 losses in prior years. Please show your work and explain your calculations. Cost Adjusted Sales Asset Acquired Sold Cost Recovery Basis Price Computer 10/7/2020 8/16/2021 $50,000 $10,000 $40,000 $45,000 Mfg. Equipment 1/13/2019 5/16/2021 $208,000 $98,852 $109, 148 $180,000 Office building 7/23/2013 2/12/2021 $320,000 $60,000 $260,000 $400,000 Land 7/23/2013 2/12/2020 $100,000 $0 $100,000 $80,000
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