Question
On January 2, 2xx1, Bates Corporation purchased and placed into service seven-year MACRS tangible property costing $100,000. On July 31, 2xx3, Bates sold the property
On January 2, 2xx1, Bates Corporation purchased and placed into service seven-year MACRS tangible property costing $100,000. On July 31, 2xx3, Bates sold the property for $102,000, after having taken $47,525 in MACRS depreciation deductions. What amount of the gain should Bates recapture as ordinary income?
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
