Question: If any differences, please solve under 2017 rules 5. (15 points) What is the 2016 cost recovery for a piece of 5-year equipment that was

If any differences, please solve under 2017 rules

5. (15 points) What is the 2016 cost recovery for a piece of 5-year equipment that was acquired and placed in service in April, 2014 (mid-year convention) and is sold in July of 2016? The equipment originally cost $65,000 (no sec. 179 expense or bonus cost recovery taken) and is sold for $50,000. Also, what is the amount and character of the recognized gain/loss? Explain

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