What is leesburg gain or loss realized on the machine
Leesburg sold a machine for $2,200 on November 10th of the current year. The machine was purchased for $2,600. Leesburg had taken $1,200 of depreciation deductions. What is Leesburg's gain or loss realized on the machine?
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Butte sold a machine to a machine dealer for $50,000. Butte bought the machine for $55,000 several year ago and has a claimed $12,5000 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss?
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