Problem NO: 13

Buckley, an individual, began a business two years ago and has never sold a §1231 asset. Buckley has owned each of the assets since they began the bus

Buckley, an individual, began a business two years ago and has never sold a §1231 asset. Buckley has owned each of the assets since they began the business. In the current year, Buckley sold the following business assets: 

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Asset

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Original Cost Accumulated

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Depreciation Gain/Loss

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Computers $6,000 $2,000 ($3,000)

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Machinery 10,000 4,000 (2,000)

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Furniture 20,000 12,000 7,000 

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Building 100,000 10,000 (1,000)

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