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Starco purchased a warehouse for $275,000. It has deducted $15,000 of Straight-line depreciation. Starco sells the warehouse for $350,000. What is Starcos recognized gain, its

Starco purchased a warehouse for $275,000. It has deducted $15,000 of Straight-line depreciation. Starco sells the warehouse for $350,000. What is Starcos recognized gain, its character, and show the calculation. Assume no other actions. Assume this is the only transaction for Xco and label the amount of corporate taxes.

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