Sam Colt experienced a small explosion in his gun factory

Sam Colt experienced a small explosion in his gun factory Two of his best machines were destroyed in the resultant fire The first machine had an adjusted basis of $5,000 after depreciation of $6,000, and a fair market value of $3,000 just before the explosion Sam received insurance reimbursement of $3,000 The second machine had an adjusted basis of $7,000 after depreciation of $11,000, and a fair market value of $10,000 Sam received $8,000 reimbursement for the loss of this machine Both machines were held for over 1 year How are these transactions reported on Sam’s income tax return a$0 gain or loss b$3,000 Section 1231 gain c$2,000 ordinary loss and $1,000 Section 1231 gain d$2,000 ordinary loss and $1,000 ordinary income from Section 1245 recapture

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