Postum Partnership purchases a building in 2008 for $250,000. It deducts $5,600 in depreciation on the building

Question:

Postum purchases a building in 2008 for $250,000. It deducts $5,600 in depreciation on the building in 2008, $6,400 in 2009, $6,400 in 2010, and $3,200 in 2011. It sells the building in 2011 for $260,000. What is the partnership's gain or loss on the sale of the building?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...