Question: Hi, please answer the following question and show your work. Thank you and hope you have a good weekend. Question 11 2.3 pts Gabby sold

Hi, please answer the following question and show your work. Thank you and hope you have a good weekend.

Hi, please answer the following question and show
Question 11 2.3 pts Gabby sold 4-year-old business machinery for $100,000. The machinery had an original cost of $ 80,500. Gabby claimed $ 12,500 in depreciation through the date of sale. The only other $ 1231 transactions H has had were in the two prior years. She had a $1231 gain of $3,500 two years ago and a $1231 loss of $12,000 last year. How are Gabby's gains for the current year treated? $32,000 long term capital gain $12,500 ordinary gain; $19,500 long-term capital gain $24,500 ordinary gain; $7,500 long-term capital gain $21,000 ordinary gain; $11,000 long-term capital gain $32,000 ordinary gain

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