Roger had the following 1231 transactions during the current year. There are no lookback losses that apply. What is the amount of the gain or loss on the sale and what is the character of any gain or loss (i.e. 1231 gain or loss; ordinary gain or loss)
a. He sold a rack used in his business. He had owned it for 6 years. His A/B in the rack was $38,000. He had taken $62,000 of depreciation and he sold it for $85,000.
b. He sold a forklift that he had owned for 5 years. His A/B in the forklift was $12,000 and he had taken $23,000 of depreciation. He sold the asset for $5,000.
c. He sold a bin used in the business that he had owned for 2 years. His A/B in the bin was $43,000 and he had taken depreciation of $24,000. He sold the bin for $70,000.