Valley Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2021: Asset
Fantastic news! We've Found the answer you've been seeking!
Question:
Valley Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2021:
Asset | Deprec Method | Cost | Accum Deprec | Adj. Basis | Sale Price |
| Equipment#1 Equipment#2 Building Land | MACRS - DDB MACRS - DDB MACRS - SL N/A | $55,000 $32,000 $110,000 $45,000 | $40,000 $11,000 $50,000 $0 | $15,000 $21,000 $60,000 $45,000 | $23,000 $30,000 $135,000 $55,000 |
Question A: How much is Valley Corporation's Sec 1245 ordinary income recapture?
Question B: How much is Valley Corporation's Sec 1250 ordinary income recapture?
Question C: How much is Valley Corporation's Sec 291 ordinary income recapture?
Question D: How much is Valley Corporation's net Sec 1231 gain or loss for 2021 after 1245, 1250, and 291 recapture (before considering the look-back provision)?
Expert Answer:
Posted Date:
