Jacob purchased business equipment for $56,000 in 2017 and has taken $35,000 of regular MACRS depreciation. Jacob sells the equipment in 2020 for $26,000. What is the amount and character of Jacob's gain or loss

Ordinary gain = $5,000

Explanation:

Given:

Purchase price of equipment = $56,000

Regular MACRS depreciation = $35,000

Sales price = $26,000

Find:

Gain/Loss

Computation:

Current price of equipment = $56,000 - $35,000

Current price of equipment = $21,000

Ordinary gain = $26,000 - $21,000

Ordinary gain = $5,000

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.