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Sheena Maskell Sheena Maskell
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In 1985, Emerson purchased a factory building to use in business for $480,000. When Emerson sells the building for $600,000, he has taken depreciation of $450,000. Straight-line depreciation would have been $200,000. Emerson must report
A) $270,000 of LTCG.
B) $270,000 of Sec. 1231 gain.
C) $150,000 of ordinary income and $120,000 of Sec. 1231 gain.
D) $150,000 of Sec. 1231 gain and $120,000 of ordinary income.
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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