Question
A building used in the business of a sole proprietor is sold on April 10, 2023, for $171,000. The building was acquired in 2013 for
A building used in the business of a sole proprietor is sold on April 10, 2023, for $171,000. The building was acquired in 2013 for $200,000 and straight-line depreciation of $52,000 has been taken on it. How much unrecaptured Sec. 1250 gain should be recognized from the disposition of this building?
| a. | $52,000
| |
| b. | $161,000
| |
| c. | $13,000
| |
| d. | None of the choices presented are correct.
| |
| e. | $0
|
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
10th Canadian Edition Volume 2
1118300858, 978-1118300855
