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Sheena Maskell Sheena Maskell
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7 years ago
An unincorporated business sold two warehouses during the current year. The straight-line depreciation method was used for the first building and the accelerated method (ACRS) was used for the second building. Information about those buildings is presented below.

   Building No. 1   Building No. 2
Date acquired   1984   1984
Cost   $510,000   $650,000
Accum. Depreciation
   Straight-line   200,000
   ACRS depreciation      250,000
Selling Price   450,000   425,000

How much gain from these sales should be reported as section 1231 gain and ordinary income due to depreciation recapture?
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
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