Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows:
Asset Cost Acquired Depreciation Sold For Sold On
Machine #1 $85,000 08/31/15 $32,000 $60,000 12/04/19
Machine #2 $30,000 11/17/16 $12,000 $15,000 12/04/19
Machine #3 $77,000 02/28/18 $28,000 $51,000 12/04/19
1. Determine the amount and the character of the recognized gain or loss from the disposition of each asset.
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