Yeoman Corporation purchased residential real estate several years ago for 330,000 , of which 60,000 was allocated
Question:
Yeoman Corporation purchased residential real estate several years ago for 330,000 , of which 60,000 was allocated to the land and 270,000 was allocated to the building. Yeoman tookstraight-line MACRS deductions of 270,000 during the years it held the property. In the current year, Yeoman sells the property for 400,000 , of which 110,000 is allocated to the land and 290,000 is allocated to the building.
What are the amount and character of Yeoman recognized gain or loss on the sale?
Adjustment basis Minute adjustable basic
Depreciation Recapture Deprecation recapture
Deprecation Minute sec 1231 gain
Sale Price Plus adjustable basis
Sec 1231 gain Plus depreciation
Sale Price
Next: Determine the characteristic of the gain or loss on the sale of the land and the building
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson