Question
Tax Form/Return Preparation Problem (U.S. Federal Income Tax Question) George Buckner sells an apartment building on October 10 for 1.75 million. The building was purchased
Tax Form/Return Preparation Problem (U.S. Federal Income Tax Question)
George Buckner sells an apartment building on October 10 for 1.75 million. The building was purchased on January 1, 1996, for 2 million. Depreciation of $420,000 has been taken. The figures given above do not include the purchase price or the selling price of the land. Mr. Buckner adjusted basis for the land is $200,000, and the sales price is $350,000. Mr. Buckner, who owns and operates a taxi business, sells one of the automobiles for $1,800 on November 14th. The automobile's adjusted basis is zero, and the original cost is $15,000. The automobile was purchased on April 25, 2007. Mr. Buckner has no other gains and losses during the year, and nonrecaptured net Sec. 1231 losses amount to $32,000. Prepare Form 4797.
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