question archive In Year 3 Daniels, an individual, sold Section 1245 property for $60,029

In Year 3 Daniels, an individual, sold Section 1245 property for $60,029

Subject:LawPrice: Bought3

In Year 3 Daniels, an individual, sold Section 1245 property for $60,029. The property had cost Daniels $55,058 when purchased in Year 1, and $8,657 of MACRS depreciation had been taken.

What is the amount of ordinary gain that Daniels would report on Daniels' Year 3 tax return?

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