Depreciable personal property was sold at a gain in 2018. On what 2018 form would this transaction be reported, where initially in that form, and what will the form most likely do with the gain?
What will be an ideal response?
The transaction will initially be reported on Form 4797, Part III. In that Part, the gain recaptured by ยงย 1245 will be determined. Most likely, all of the gain will be treated as an ordinary gain because the gain does not exceed the original cost of the property.
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