Question

William sold Section 1245 property for $25,000 in 2014. The property cost $35,000 when it was purchased 5 years ago. The depreciation claimed on the property was $16,000.
a. Calculate the adjusted basis of the property. $ ______________
b. Calculate the recomputed basis of the property. $ ______________
c. Calculate the amount of ordinary income under $ ______________
Section 1245.
d. Calculate the Section 1231 gain. $ ______________


$1.99
Sales3
Views169
Comments0
  • CreatedJuly 16, 2015
  • Files Included
Post your question
5000