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Moran owns a building he bought during year 0 for $227,000. He sold the building in year 6. During the time he held the
Moran owns a building he bought during year 0 for $227,000. He sold the building in year 6. During the time he held the building he depreciated it by $40,250. What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) a. Moran received $210,000. Answer is complete but not entirely correct. Description Amount Total Gain/(Loss) Recognized $ 210,000 $ Unrecaptured $1250 gain (and $1231 gain) 13,250 Remaining $1231 gain (loss) 2$ b. Moran received $243,000. Answer is complete but not entirely correct. Description Amount Total Gain/(Loss) Recognized Unrecaptured $1250 gain (and $1231 gain) $ 46,250 40,250 Remaining $1231 gain (loss) 6,000 c. Moran received $182,000. Answer is complete but not entirely correct. Description Amount Total Gain/(Loss) Recognized $ (14,750) Unrecaptured $1250 loss (and $1231 loss) Remaining $1231 gain (loss) $ (14,750)
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