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Franco converted a building from personal to business use in May 2019 when the fair market value was $65,000. He purchased the building in July
Franco converted a building from personal to business use in May 2019 when the fair market value was $65,000. He purchased the building in July 2016 for $104,000. On December 15 of this year, Franco sells the building for $52,000. On the date of sale, the accumulated depreciation on the building is $6,565. What is Franco's recognized gain or loss on the sale
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