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Trumper Corporation sold an office building that it used in its business for $800,650. Trumper bought the building 10 years ago for $599,675 and has
Trumper Corporation sold an office building that it used in its business for $800,650. Trumper bought the building 10 years ago for $599,675 and has claimed $200,975 of depreciation expense. What is the amount and character of Trumper's gain or loss? Multiple Choice $40,195 ordinary and $361,755 51231 gain O $200.975 ordinary and $200.975 1231 gain $401,950 ordinary gain $401950 capital gain None of the choices are correct
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