LO 8.4 13. William sold Section 1245 property for $25,000 in 2010. The property cost $35,000 when

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LO 8.4 13. William sold Section 1245 property for $25,000 in 2010. The property cost $35,000 when it was purchased 5 years ago. The depreciation claimed on the property was $16,000.

a. Calculate the adjusted basis of the property. $ ____________

b. Calculate the recomputed basis of the property. $ ____________

c. Calculate the amount of ordinary income under Section 1245. $ ____________

d. Calculate the Section 1231 gain. $ ____________

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Income Tax Fundamentals 2011

ISBN: 9780538469197

29th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller

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Question Posted: Oct 10, 2024 04:01 AM

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LO 8.4 13. William sold Section 1245 property for $25,000 in 2010. The property cost $35,000 when

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Income Tax Fundamentals 2011

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