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Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $67,000, and it has claimed $33,000 of
Hauswirth Corporation sold (or exchanged) a warehouse in year 0. Hauswirth bought the warehouse several years ago for $67,000, and it has claimed $33,000 of depreciation expense against the building.
Assuming that Hauswirth receives $47,300 in cash for the warehouse, compute the amount and character of Hauswirths recognized gain or loss on the sale.
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