When we're talking about the gain or loss of the sale of an asset we need to be looking at net book value at the time of the sale. The gain or loss on each asset is figured separately.The sale of capital assets results in capital gain or loss. Conversely, generally an asset sale will be taxable to the selling business in all states the business operates in and has income tax nexus. An asset sale will likely result in a combination of gain taxed at both ordinary and capital gains rates, depending on the nature of the individual assets. Enter a Sale Number and Sale Date in the asset detail.