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Final Corp (C-Corporation) sold the following assets related to Final Corps business activities. Assume there has not been any 1231 losses in the last 5
Final Corp (C-Corporation) sold the following assets related to Final Corps business activities. Assume there has not been any 1231 losses in the last 5 years and it has no other capital gains or losses
Final Corp_(C-Corporation) sold the following assets related to Final Corp's business activities. Assume there has not been any 1231 losses in the last 5 years and it has no other capital gains or losses. Calculate the amount and character of each gain or loss. 1) Office Equipment Sales Price: Original Cost: Accum, Depreciation 35,000 20,000 20,000 Amount Total Gain or Loss: 1231 Gain or Loss: Section 1245 Gain: Ordinary Gain or Loss: 2.) Office Computer Sales Price: Original Cost: Accum Depreciation 35,000 50,000 30,000 Amount Total Gain or Loss: 1231 Gain or Loss: Section 1245 Gain: Ordinary Gain or Loss: 3.) 500,000 80,000 N/A Land Sales Price: Original Cost: Accum Depreciation Amount Total Gain or Loss: 1231 Gain or Loss: Unrecapture 1250 Gain: Section 1250 Gain: Ordinary Gain or Loss: Section 291 Gain: 4.) Building Sales Price: 5.000.000 Original Cost: 2.000.000 Accum Depreciation 1,900,000 SL Depreciation would have been: 1.900.000 Amount Total Gain or Loss: 1231 Gain or Loss: Unrecapture 1250 Gain: Section 1250 Gain: Ordinary Gain or Loss: Section 291 GainStep by Step Solution
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