The Chart Below Describes the § 1231 Assets Sold by the Tan

Essay

The chart below describes the § 1231 assets sold by the Tan Company (a sole proprietorship) this year.Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long-term capital gain for the year.Assume there is a § 1231 lookback loss of $14,000. Asset Acquired Sold Cost Depreciation Sale Price Stamping machine 3/10/11 8/10/2015 $40,000 $29,736 $ 2,000 Factory building 2/12/08 7/23/2015 80,000 18,838 90,000 Tractor 5/16/10 11/13/2015 52,000 52,000 60,000 Overhead crane 11/12/04 2/25/2015 74,000 74,000 18,000