During the Current Year, Hugo Sells Equipment for $150,000

question 2216

Multiple Choice

During the current year, Hugo sells equipment for $150,000. The equipment cost $175,000 when placed in service two years ago, and $55,000 of depreciation deductions were allowed. The results of the sale are

• A) Sec. 1245 ordinary income $30,000.
• B) Sec. 1231 gain of $30,000.
• C) LTCG of $30,000.
• D) Sec. 1250 ordinary income of $30,000.

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