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What are the amount and nature of Skylark's gain or loss from disposition of the property? On June 1, 2017, Skylark Enterprises, a calendar year
What are the amount and nature of Skylark's gain or loss from disposition of the property?
On June 1, 2017, Skylark Enterprises, a calendar year LLC reporting as a sole proprietorship, acquired a retail store building for $500,000 (with $100,000 being allocated to the land). The store building was 39-year real property, and the straight-line cost recovery method was used. The property was sold on June 21, 2021, for $385,000.
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