Question: A business building on which straight line depreciation of 13 000 was
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?
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