Frank Willingham has the following transactions during the year:
Sale of office equipment on March 15 that cost $87,000 when purchased on July 1, 2015. Frank has claimed $17,400 in depreciation and sells the asset for $52,200 with no selling costs.
Sale of land on April 19 for $163,000. The land cost $179,300 when purchased on February 1, 2006. Frank's selling costs are $32,600.
Assume there were no capital improvements on either business asset sold. Frank's Social Security number is 924-56-5783.
Complete Form 4797 to report the above gains or losses.