Question
George Buckner sells an apartment building on October 10 for 1.75 million. The building was purchased on January 1, 1995, for 2 million. Depreciation of
George Buckner sells an apartment building on October 10 for 1.75 million. The building was purchased on January 1, 1995, for 2 million. Depreciation of $420,000 has been taken. The figures given above do not include the purchase price or the selling price of the land. Mr. Buckner, who earns and operates a taxi business, sellsone of the automobiles for $1,800 on November 14th. The automobile's adjusted basis is zero, and the orginial cost is $15,000. tHE AUTOMOBILE WAS PURCHASED ON aPRIL 25, 2006. mR. bUCKNER HAS NO OTHER GAINS AND LOSSES during the year, and nonrecaptured net Sec. 1231 losses amount to $32,000. Prepare Form 4797
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