Alpha Sold Machinery That It Used in Its Business to Beta

question 22

Multiple Choice

Alpha sold machinery that it used in its business to Beta, a related entity, for $40,050. Beta used the machinery in its business. Alpha bought the machinery a few years ago for $49,950 and has claimed $30,050 of depreciation expense. What is the amount and character of Alpha's gain?

• A) $20,150 ordinary income under §1239.
• B) $10,000 ordinary gain and $10,150 §1231 gain.
• C) $20,150 §1231 gain.
• D) $20,150 capital gain.
• E) None of the choices are correct.

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