On January 31, 2022, Lenny sold an apartment building for $217,500. He had purchased the building on February 1, 2021, for $192,500. The depreciation deducted as of January 31, 2022, was $7,000. What amount may Lenny treat as a Sec. 1231 gain? A. $7,000 B. $32,000 C. $217,500 D. $0

Answer rating: 100% (QA)

To determine the Sec 1231 gain we need to calculate the adjusted basis of t... View the full answer