Lemon Corporation purchased a building in 1980 for $900,000. During 2018, the building was sold for...
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Lemon Corporation purchased a building in 1980 for $900,000. During 2018, the building was sold for $700,000 when the accumulated depreciation was $600,000 (SL would have been $440,000). What is the amount and character of gain recognized on the sale? Ordinary Income a. $248,000 b. $160,000 c. $400,000 d. $208,000 e. None of the above. Sec, 1231 $152,000 $240,000 $ 0 $192,000 Lemon Corporation purchased a building in 1980 for $900,000. During 2018, the building was sold for $700,000 when the accumulated depreciation was $600,000 (SL would have been $440,000). What is the amount and character of gain recognized on the sale? Ordinary Income a. $248,000 b. $160,000 c. $400,000 d. $208,000 e. None of the above. Sec, 1231 $152,000 $240,000 $ 0 $192,000
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If the sale of section 1231 property is less than the depreciation or amortization on the prope... View the full answer
Related Book For
Andersons Business Law and the Legal Environment
ISBN: 978-1133587583
22nd edition
Authors: David P. Twomey, Marianne M. Jennings
Posted Date:
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