Question
Please help!! Moran owns a building he bought during year 0 for $212,000. He sold the building in year 6. During the time he held
Please help!!
Moran owns a building he bought during year 0 for $212,000. He sold the building in year 6. During the time he held the building, he depreciated it by $32,250.
What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations?
Note: 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 $239,000. (Include total gain/loss recognized, ordinary income - 1254 or 230 depreciation recapture or unrecaptured 1250 gain/loss, and remaining 1250 gain/loss, or NA.)
b. Moran received $224,000. (Include total gain/loss recognized, ordinary income - 1254 or 230 depreciation recapture or unrecaptured 1250 gain/loss, and remaining 1250 gain/loss, or NA.)
c. Moran received $169,500. (Include total gain/loss recognized, ordinary income - 1254 or 230 depreciation recapture or unrecaptured 1250 gain/loss, and remaining 1250 gain/loss, or NA.)
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