Carlyle Corp purchased business equipment in 2020 for $150,000. In 2023 he sold the property for $175,000. At the time of sale the accumulated depreciation was $75,000 and subject to IRC Sec 1245 recapture. Calculate the gain on the following: Sales Proceeds Adjusted basis Total Gain IRC Section 1245 gain IRC Section 1231 gain

Answer rating: 100% (QA)

Sales Proceeds 175000 Adjusted Basis Original Cost 150000 Accumulated Depreciatio... View the full answer