Question: Secs. 1 2 4 5 and 1 2 3 1 . The LaPoint Corporation placed in service $ 3 5 0 , 0 0 0

Secs. 1245 and 1231. The LaPoint Corporation placed in service $350,000 of used equipment (seven-year recovery property) on June 3,2019 and elected to expense $250,000 as Sec. 179 depreciation expense but elected out of bonus depreciation. LaPoint sold the equipment for $150,000 on November 22,2020. Determine the following:
a. Depreciation allowed in 2019
b. Depreciation allowed during 2020
c. Amount of gain or loss and character

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