G sold a file cabinet used in her business for $250.She had purchased it for $400 and deducted depreciation of $220.What is the amount and character of G's gain or loss recognized on this sale?

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The sale of the file cabinet resulted in a gain of $70, which is ordinary income. The gain is calculated as the difference between the sale price ($250) and the adjusted basis of the file cabinet ($180). The adjusted basis is the original cost of the file cabinet ($400) minus the depreciation deducted ($220).

G Sold a File Cabinet Used in Her Business for $250.She