Question: please show work and explain answer Copper Corporation sold machinery for $47,000 on December 31, 2019. The machinery had been purchased on January 2, 2016,

please show work and explain answer

Copper Corporation sold machinery for $47,000 on December 31, 2019. The machinery had been purchased on January 2, 2016, for $60,000 and had an adjusted basis of $41,000 at the date of the sale. For 2019, what should Copper report?

a. Ordinary income o f $6,000.

b. A 1231 gain of $6,000.

c. A 1231 gain of $6,000 and $3,000 of ordinary income.

d. None of these.

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