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| On May 31, 2013, Day Corporation sold machinery for $41,000. The machinery which had been purchased on January 2, 2011, for $40,000 had an adjusted basis of $21,000 on the date of sale. For 2013 Day should report A. Section 1231 gain of $1,000 and ordinary income of $19,000. B. Ordinary income of $20,000. C. Section 1231 gain of $19,000 and ordinary income of $1,000. D. Section 1231 gain of $20,000. |