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Autumn owns an office building placed in service in 1980 that cost $450,000 and has an adjusted basis of $131,000. If the straight line method
Autumn owns an office building placed in service in 1980 that cost $450,000 and has an adjusted basis of $131,000. If the straight line method of depreciation were used, the adjusted basis would be $216,000.
What is the maximum selling prices that Autumn could sell the building for without having to recognize Sec. 1250 ordinary income?
If she sold the building and had to recognize $58,000 of Sec. 1250 ordinary income, what was the selling price?
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