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Paul purchased a commercial building five years ago for $362,000. In the current year, Paul sold the building for $100,000 cash and the buyer's assumption
Paul purchased a commercial building five years ago for $362,000. In the current year, Paul sold the building for $100,000 cash and the buyer's assumption of Paul's debt on the building of $302,000. Through the date of sale, Paul deducted $46,000 straight line depreciation on the building. Compute Paul's recognized gain on the sale and the character of the gain
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