Evil Monkey Enterprises, a C-corporation, sold a warehouse that it used it is business and owned for five years in the current year for $750,000. The company purchased the warehouse for $600,000 and accumulated depreciation at the date of sale was $76,000. Compute the Section 291 recapture amount?

Answer rating: 100% (QA)

Section 291 recapture amount refers to the portion of gain on the sale of certain depreciated prop... View the full answer