William sold Section 1245 property for $25,000 in 2013. The property cost $35,000 when it was purchased

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William sold Section 1245 property for $25,000 in 2013. The property cost $35,000 when it was purchased 5 years ago. The depreciation claimed on the property was $16,000.
a. Calculate the adjusted basis of the property. $___________
b. Calculate the recomputed basis of the property. $___________
c. Calculate the amount of ordinary income under Section 1245. $___________
d. Calculate the Section 1231 gain. $___________
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Related Book For  answer-question

Income Tax Fundamentals 2014

ISBN: 9781285424545

32nd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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