Use $2023$ rules.

Be sure to identify each item$$s character. At the end of each amount that requires a character, you will have

$$ ordinary income or loss,

$$ capital gain or loss which is also short$-$term or long$-$term $($i$.$e$.$ STCG$,$ STCL$,$ LTCG$,$ or LTCL$),$ or

$1250$ unrecaptured gains.

Assume that problem lists all relevant transactions $($in other words, there is nothing else you need to net against$).$ When I ask $$What is the tax effect?$$ I am asking for a dollar amount and character $$ there may be more than one piece with different characters. Don$$t calculate the tax liability unless asked to do so $($you won$$t have enough information in most of the problems$).$

$1)$ Sandra sold some equipment for $$12,275$ in cash, $$1,800$ of office products, the buyer's assumption of her $$2,300$ loan, and incurred selling expenses of $$1,600.$ What is Sandra's amount realized in the transaction?

$2)$ Bull Run sold a computer for $$1,900$ on November $10$th of the current year. The computer was purchased for $$2,700$ two years ago. Bull Run had taken $$520$ of depreciation deductions and used the computer for normal business. What is the tax effect?

$3)$ Tim Bull, owner of Bull Run, sold his personal computer on November $10$th of the current year. The computer was purchased for $$3,800$ two years ago and he sold it for $$1,900.$ What is the tax effect?

$4)$ Andrea sold a piece of machinery she used in her business for nine months. The amount realized was $$59,422,$ and the adjusted basis was $$41,000.$ What is the tax effect?

$5)$ Jessie sold a piece of land held for investment for $$450,000.$ Jessie bought the land two years ago for $$395,000.$ What is the tax effect?

$6))$ Sunshine LLC sold furniture for $$75,000.$ Sunshine bought the furniture for $$81,799$ several years ago and has claimed $$25,000$ of depreciation expense on the furniture. What is the tax effect?

$7)$ Alexandra sold equipment that she uses in her business for $$190,000.$ Alexandra bought the equipment two years ago for $$185,450$ and has claimed $$10,000$ of depreciation expense. What is the tax effect? $($Note there are two pieces to this with different characters.$)$