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Elizabeth has owned an apartment building for several years which she purchased for $198,000. Accumulated Depreciation as of the date of sale is $25,500, $5,100
Elizabeth has owned an apartment building for several years which she purchased for $198,000. Accumulated Depreciation as of the date of sale is $25,500, $5,100 which was in excess of straight-line depreciation. Elizabeth sold the apartment building for $224,000. How much of the gain is considered ordinary income
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