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14 Required Information [The following information applies to the questions displayed below.] Part 1 of 3 Moran owns a building he bought during year 0
14 Required Information [The following information applies to the questions displayed below.] Part 1 of 3 Moran owns a building he bought during year 0 for $190,000. He sold the building In year 6. During the time he held the building he depreciated it by $32,500. What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA If a situation is not applicable. Leave no answer blank. Enter zero if applicable.) a. Moran received $175,000. Description Amount Total Gain/(Loss) Recognized INA Remaining $1231 gain (loss) b. Moran received $228,000. Amount Description Total Gain/(Loss) Recognized NA Ordinary Income - $1245 depreciation recapture Ordinary Income - $291 depreciation recapture Unrecaptured $1250 gain (and $1231 gain) c. Moran received $156,000. Amount Description Total Gain/(Loss) Recognized Remaining $1231 gain (loss)
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