Question
Mr. Briggs purchased an apartment complex on January 10, 2016, for $6,000,000 with 20% of the price allocated to land. Depreciation allowed was $650,000 under
Mr. Briggs purchased an apartment complex on January 10, 2016, for $6,000,000 with 20% of the price allocated to land. Depreciation allowed was $650,000 under MACRS. He sells the complex on October 22, 2019, for $8,000,000 again with 20% of the selling price allocated to the land.
Will any of the gain be ordinary income?
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Personal Finance
Authors: Jeff Madura
5th edition
132994348, 978-0132994347
