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Please answer ASAP and give some explanations. Albert's sols proprietorship owns the following assets. 4 Potential & 1245 recapture of 545,000 . 44 Straight-line depreciation
Please answer ASAP and give some explanations.
Albert's sols proprietorship owns the following assets. 4 Potential \& 1245 recapture of 545,000 . 44 Straight-line depreciation used. Albert sells his sole proprictorship for $500.000. Calculate Albert 's recognized gain or loss and classify it as capital or ordinary. $230,000 ordinary income. $230,000 crpital gain. $115,000 ordinary income and $115,000 capital gain. $110,000 ordinary income and $120,000 capital gainStep by Step Solution
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