William sold Section 1245 property for $25,000 in 2019. The property cost $38,500 when it was purchased
Question:
William sold Section 1245 property for $25,000 in 2019. The property cost $38,500 when it was purchased 5 years ago. The depreciation claimed on the property was $19,200.
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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a Adjusted basis Original purchase price Dep reciation 38 500 19 200 1...View the full answer
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Related Book For 
Income Tax Fundamentals 2020
ISBN: 9780357108239
38th Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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