Carlyle Corp purchased business equipment in 2020 for $150,000. In 2023 he sold the property for $175,000.
Fantastic news! We've Found the answer you've been seeking!
Question:
Carlyle Corp purchased business equipment in 2020 for $150,000. In 2023 he sold the property for $175,000. At the time of sale the accumulated depreciation was $75,000 and subject to IRC Sec 1245 recapture. Calculate the gain on the following: Sales Proceeds Adjusted basis Total Gain IRC Section 1245 gain IRC Section 1231 gain
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date: