In 2021, a C-Corp. had the following sale of a nonresidential building used in business for five

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In 2021, a C-Corp. had the following sale of a nonresidential building used in business for five years:

Purchase cost $700,000

Tax depreciation take on the building $300,000 (using straight-line method depreciation would have given $150,000)

Sale price $860,000

How much is long-term capital gain generated from this sale?

Related Book For answer-question

Pearsons Federal Taxation 2023 Comprehensive

ISBN: 9780137840656

36th Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse

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Posted Date: Feb 26, 2024 04:03 AM

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In 2021, a C-Corp. had the following sale of a nonresidential building used in business for five

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Pearsons Federal Taxation 2023 Comprehensive

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