In 2018 Jensen LLC, a flow-through company, sold machinery for $350,000 cash. The machinery was nanced through a local bank and had an outstanding…

In 2018 Jensen LLC, a flow-through company, sold machinery for $350,000 cash. The machinery was financed through a local bank and had anoutstanding loan of $100,000 that the buyer agreed to assume. Jensen purchased the machinery for $400,000 and has claimed $28,055 in accumulateddepreciation. Jensen previously reported the following Section 1231 info in recent years: 2017 N/A; 2016 – N/A; 2015 N/A; 2014 – $(10,000); 2013 -$58,000; 2012 – $(9,000). No other sales of business property occurred in 2018 for Jensen. As a result of this sale Jensen reports Multiple Choice O $38,055 Ordinary Income, $40,000 long term capital gain 0 $28,055 Ordinary Income, $50,000 long term capital gain 0 $(21,945) Sec 1231 0 $47,055 Ordinary Income, $31,000 long term capital gain

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