Question
In the current year, Tim sells Section 1245 property for $28,000 that he had purchased 6 years ago. Tim has claimed $7,000 in depreciation on
In the current year, Tim sells Section 1245 property for $28,000 that he had purchased 6 years ago. Tim has claimed $7,000 in depreciation on the property and originally purchased it for $20,000. How much of the gain is taxable as ordinary income?
a.$7,000
b.$18,000
c.$13,000
d.$8,000
e.None of these choices are correct.
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Laboratory Auditing For Quality And Regulatory Compliance
Authors: Donald C. Singer, Raluca-Ioana Stefan, Jacobus F. Van Staden
1st Edition
0367392461, 978-0367392468
