Question

A business building on which straight-line depreciation of $13,000 was taken is sold on the installment basis for $100,000 with $20,000 down and four yearly installments of $20,000 plus interest. The adjusted basis for the building is $35,000 at the time of the sale. The building had been held for more than 12 months. What are the amount and nature of the recognized gain?


$1.99
Sales1
Views185
Comments0
  • CreatedMay 25, 2015
  • Files Included
Post your question
5000