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Business, 13.02.2020 20:52 sarbjit879

Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $26,000 with an adjusted basis of $15,500 for $17,000. Later in the year, Lena sold another piece of equipment purchased two years ago with an adjusted basis of $8,200 for $5,500. What is the amount and character of Lena’s gain or loss?

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Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $2...
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