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Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of

Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 30 percent.

What is the amount and character of Harts recognized gain if the asset is a nonresidential building sold for $450,000?

What effect does the sale have on Harts tax liability for the year?

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