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Cristo Corporation sold a number of assets in May of 2022 as summarized in the table below. These were the only assets Cristo sold during
Cristo Corporation sold a number of assets in May of 2022 as summarized in the table below. These were the only assets Cristo sold during the year. QUESTION 1 How much of the gain on the sale of the warehouse will Cristo Corporation treat as ordinary income as a result of depreciation recapture? QUESTION 2 How much of the gain on the sale of the land will Cristo Corporation treat as ordinary income as a result of depreciation recapture? QUESTION 3 How much of the loss on the sale of automobiles will Cristo Corporation treat as ordinary loss as a result of depreciation recapture? QUESTION 4 How much of the gain on the sale of manufacturing equipment will Cristo Corporation treat as ordinary income as a result of depreciation recapture? Cristo Corporation sold a number of assets in May of 2022 as summarized in the table below. These were the only assets Cristo sold during the year. QUESTION 1 How much of the gain on the sale of the warehouse will Cristo Corporation treat as ordinary income as a result of depreciation recapture? QUESTION 2 How much of the gain on the sale of the land will Cristo Corporation treat as ordinary income as a result of depreciation recapture? QUESTION 3 How much of the loss on the sale of automobiles will Cristo Corporation treat as ordinary loss as a result of depreciation recapture? QUESTION 4 How much of the gain on the sale of manufacturing equipment will Cristo Corporation treat as ordinary income as a result of depreciation recapture
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