Question: Phillip purchased business equipment for $100,000 in 2015 and has taken $40,000 of regular MACRS depreciation. Philluip sells the equipment in 2022 for $110,000. What is the amount and character of Phillip's gain or loss? Group of answer choices $50,000 sec. 1231 gain $50,000 sec. 1245 gain $40,000 sec. 1245 gain $10,000 sec. 1231 gain $10,000 sec. 1245 gain $40,000 sec. 1231 gain