Question: Select the best answer. On October 1 , 2 0 2 4 , a corporation sold machinery for a gain of $ 5 0 ,

Select the best answer.
On October 1,2024, a corporation sold machinery for a gain of $50,000. The machinery was purchased ten months ago on December 1,2023 and is considered held short-term. In 2023 and 2024, straight-line depreciation of $30,000 had been deducted. The corporation will recognize which of the following?
A. Ordinary income of $6,000 and 1231 gain of $44,000
B. Ordinary income of $30,000 and 1231 gain of $20,000
C. Ordinary income of $50,000
D.1231 gain of $50,000
Select the best answer. On October 1 , 2 0 2 4 ,

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