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Problem 8-10 Depreciation Recapture (LO 8.7) William sold Section 1245 property for $25,000 in 2017. The property cost $37,000 when it was purchased 5 years
Problem 8-10 Depreciation Recapture (LO 8.7) William sold Section 1245 property for $25,000 in 2017. The property cost $37,000 when it was purchased 5 years ago. The depreciation claimed on the property was $17,000. If an amount is zero, enter "0". a. Calculate the adjusted basis of the property. $ b. Calculate the recomputed basis of the property. $ c. Calculate the amount of ordinary income under Section 1245. $ d. Calculate the Section 1231 gain. $
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