Jannie, a self-employed taxpayer, purchased machinery for $60,000 in 2014. In 2022, Jannie sold the machinery for $67,000. At the time of the sale, Jannie's depreciation deduction totaled $50,700. What part of the gain is taxed as long-term capital gain?

Answer rating: 100% (QA)

To determine the part of the gain that is taxed as longterm capital ... View the full answer