Question: William sold Section 1245 property for $25,000 in 2016. The property cost $37,000 when it was purchased 5 years ago. The depreciation claimed on the

William sold Section 1245 property for $25,000 in 2016. The property cost $37,000 when it was purchased 5 years ago. The depreciation claimed on the property was $17,000.

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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