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Sheena Maskell Sheena Maskell
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7 years ago
Kyle purchased residential rental property for $400,000 on August 1, 1985. ACRS deductions for 1985 through the date of sale were $325,000. The property is sold for $475,000 on January 1 of the current year. Depreciation would have been $310,000 if the straight-line method had been used. The amount of Sec. 1231 gain is
A) $-0-.
B) $15,000.
C) $385,000.
D) $400,000.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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Sheena M. Author
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7 years ago
Really helped
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