Question: William sold Section 1245 property for 25 000 in 2014 The

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. $ ______________

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  • CreatedJuly 16, 2015
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