Harold Hunch purchased Section 1250 commercial property on January 1, 1980, and sold it on January 1,
Question:
Harold Hunch purchased Section 1250 commercial property on January 1, 1980, and sold it on January 1, 2019, at a gain of $250,000. Depreciation taken was $500,000; straight-line depreciation would have been $400,000.
a. How should Harold treat the gain or loss?
b. What would your answer have been in (a) if the property had been residential rental housing?
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a For Section 1250 commercial property the gain or loss is treated as a Section 1231 gain or loss Se...View the full answer
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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