Pete sells equipment for $15,000 to Marcel, his son. The equipment cost $20,000 and has accumulated depreciatio
$12,000. Marcel will use the equipment in his business.
a. What is the amount and character of Pete's gain on the sale?
b. How does your answer change if the sales price is $22,000?

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The Answer of Pete sells equipment for $15,000 to Marcel, his son. The equipment cost $20,000 and has accumulated depreciatio
$12,000. Marcel will use the equipment in his business.
a. What is the amount and character of Pete's gain on the sale?
b. How does your answer change if the sales price is $22,000?

Pete Sells Equipment for $15,000 to Marcel, His Son