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A building (a Section 1231 asset that is also a Section 1250 asset) was purchased on March 10, Year 1 for $730,000. It is
A building (a Section 1231 asset that is also a Section 1250 asset) was purchased on March 10, Year 1 for $730,000. It is residential real property (27.5-year MACRS property) and cost recovery (accumulated depreciation) totals $252,167 when it is sold. The property was sold for $860,000 on September 10, Year 10. You will need to type your calculation and answer in the box. For example, type in "20,000 - 5,000 15,000" to calculate the adjusted basis of an asset that cost 20,000 and had accumulated depreciation of 5,000 when sold. Some items do not need a calculation so for those items just type in the answer. What will follow will be 6 questions related to this asset sale. Provide an answer for every question even if the amount is 0. 2. What is the adjusted basis?
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