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During 2016, Judy Jenkins sold Section 1250 nonresidential real property for $30,000. She had purchased the property in 1980 at a cost of $100,000. Judy
During 2016, Judy Jenkins sold Section 1250 nonresidential real property for $30,000. She had purchased the property in 1980 at a cost of $100,000. Judy had properly claimed depreciation totaling $80,000, of which $20,000 was additional (excess) depreciation. What is the amount of Judy's ordinary income? 1) $0 2) $10,000 3) $20,000 4) $80,000 5) None of these
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