White company acquires a new machine for $75,000 and uses it in white’s manufacturing operations. a few months after white places the machine in service, it discovers that the machine is not suitable for white’s business. white had fully expensed the machine in the year of acquisition using § 179. white sells the machine for $60,000 after it held the machine only for a total of 15 months. what was the tax status of the machine when it was disposed of and the amount of the gain or loss?
a. an ordinary asset and $60,000 loss.
b. a § 1231 asset and $60,000 gain.
c. an ordinary asset and $60,000 gain.
d. a § 1231 asset and $60,000 loss.
e. a capital asset and $60,000 gain.