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Talia, a licensed chiropractor, purchased a small office building to operate as a rental in June, 2021 for $200,000. (For simplicity, land value and sale
Talia, a licensed chiropractor, purchased a small office building to operate as a rental in June, 2021 for $200,000. (For simplicity, land value and sale expenses are not included in this scenario.) In early 2022, she had to move out of state to take care of her parents and sold the building in July of 2022, for $220,000. Assuming depreciation taken during this time period totaled $5,560, how much gain or loss and what type would be reported on Form 4797? A $14,440 ordinary gain. A $14,440 long-term gain. A $25,560 long-term gain. A $25,560 ordinary gain
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