Question: 2 4 . In the current year, Madison sold Section 1 2 4 5 property for $ 6 , 0 0 0 . The property

24. In the current year, Madison sold Section 1245 property for $6,000. The property cost $26,000 when it was purchased 5 years ago. The depreciation claimed on the property was $24,000.
a. Calculate the adjusted basis of the property.
b. Calculate the amount of ordinary income under Section 1245.
c. Calculate the Section 1231 gain.

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