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Details regarding a companies land and building are as follows: Land and building acquired 3 years ago for a total of... $562,000 Of the
Details regarding a companies land and building are as follows: Land and building acquired 3 years ago for a total of... $562,000 Of the total purchase price, the amount allocated to the land was:.....$112,000 At the beginning of the current year, UCC for the proprty was:.. $374,561 This year, the property is sold for a total of.... $843,000 Of the total sales price, the amount allocate to the land was............... $262,000 Which of the following statements is correct? A) The business will have recapture of $75,439 and a capital gain of $150,000. B The business will have recapture of $225,439 and a capital gain of $75,000. The business will have recapture of $225,439 and a capital gain of $150,000. The business will have recapture of $75,439 and a capital gain of $75,000.
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