Tom Truman sells a business machine which he has owned for four years for $27,000. Tom purchased the machine for $42,000 and has taken $18,000 in…

Tom Truman sells a business machine which he has owned for four years for $27,000. Tom purchased the machine for $42,000 and has taken $18,000 in depreciation. How much and what type of gain will result from this sale?$3,000 long-term capital gain$3,000 ordinary income$18,000 ordinary income; $3,000 long-term capital gain$3,000 Section 1231 gain

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