Charmine, a single taxpayer with no dependents, has already incurred a $10,000 1231 gain in 2013 and has no 1231 lookback losses. They taxpayer purchased a business machine for $100,000 five years ago, $70,000 of depreciation has been taken on it, and the machine is now worth $90,000. How will the net 1231 gain or loss be affected if the taxpayer trades in the business machine for a like-kind business machine and pays an additional $12,000 in cash to obtain the replacement machine? If Charmine already has $322,000 of taxable income which does not include a $10,000 1231 gain or any capital gains or losses, what is her taxable income?
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