Heron Company purchases commercial realty on November 13 1997 for
Heron Company purchases commercial realty on November 13, 1997, for $650,000. Straight-line depreciation of $287,492 is claimed before the property is sold on February 23, 2015, for $850,000. What are the tax consequences of the sale of realty if Heron is:
a. A C corporation?
b. A sole proprietorship?
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