Question: During the current year, Sean ' s office building is destroyed by fire. After collecting the insurance proceeds, Sean has a $ 5 0 comma

During the current year, Sean's office building is destroyed by fire. After collecting the insurance proceeds, Sean has a $ 50 comma 000 recognized gain. The building was acquired in1998, and the straight-line method of depreciation has been used. He does not plan to acquire a replacement building.

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