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Brent owns farmland with a $1,100,000 basis, and he elects to expense $80,000 of expenditures incurred for soil and water conservation purposes. Brent sells
Brent owns farmland with a $1,100,000 basis, and he elects to expense $80,000 of expenditures incurred for soil and water conservation purposes. Brent sells the farmland after farming for five years and four months. Read the requirement. a. $ Selling Price Recognized Gain 1,170,000 Selling Price Recognized Gain b. $ 1,129,000 Gain Treated as Ordinary Income Gain Treated as Sec. 1231 Gain Gain Treated as Ordinary Income Gain Treated as Sec. 1231 Gain
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