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Augustus1 Augustus1
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7 years ago
Ella purchases a factory building in 1985, which she uses in her business. Ella uses ACRS to determine the cost recovery deduction for the building. Edward's original cost for the building is $800,000 and the cost recovery deductions are $300,000. The building is destroyed in a fire. Straight-line depreciation would have been $250,000. Ella receives insurance proceeds of $650,000 and purchases another business building for $600,000. She must recognize ordinary income under
A) Sec. 1245 of $50,000.
B) Sec. 1250 of $50,000.
C) Sec. 1245 of $ 150,000.
D) Sec. 1250 of $ 150,000.
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Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
Your explanation helped, amazing amazing!
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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