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Required information [The following information applies to the questions displayed below. Rayburn Corporation has a building that it bought during year 0 for $850,000. It
Required information [The following information applies to the questions displayed below. Rayburn Corporation has a building that it bought during year 0 for $850,000. It sold the building in year 5. During the time it held the building Rayburn depreciated it by $100,000 What is the amount and character of the gain or loss Rayburn will recognize on the sale in each of the following alternative situations? (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. Rayburn receives $840,00O. Answer is complete but not entirely correct. Description Amount Total Gain/(Loss) Recognized $ 90,000 $ 0 X Ordinary Income - 291 depreciation recapture $ $1231 gain/loss (55,000)
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