Franco converted a building from personal to business use in May 2015 when the fair market value

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Franco converted a building from personal to business use in May 2015 when the fair market value was $55,000. He purchased the building in July 2012 for $80,000. On December 15 of this year, Franco sells the building for $40,000. On the date of the sale, the accumulated depreciation on the building was $5,565. What is Franco's recognized gain or loss on the sale?
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Essentials Of Federal Taxation 2018

ISBN: 9781260007640

9th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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