Copper Corporation sold machinery for $47,000 on December 31,2015.The machinery had been purchased on January 2,2012,for $60,000 and had an adjusted basis of $41,000 at the date of the sale.For 2015,what should Copper Corporation report?
A) Ordinary income of $6,000.
B) A § 1231 gain of $3,000 and $3,000 of ordinary income.
C) A § 1231 gain of $6,000.
D) A § 1231 gain of $6,000 and $3,000 of ordinary income.
E) None of the above.
Correct Answer:
Verified
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