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1. Abc corporation purchases nonresidential real property on july 1, 2018for $1,000,000. Straight line depreciation taken was $90,000 before the property was sold on september
1. Abc corporation purchases nonresidential real property on july 1, 2018for $1,000,000. Straight line depreciation taken was $90,000 before the property was sold on september 20, 2021 for $1,350,000.
Compute the amount of recognized gain on the sale of the real estate
determine the amount of the recognized gain that is treated assec. 1231 gain and the amount that is treated as sec. 1250recapture (ordinary income)
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