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William sold Section 1245 property for $25,000 in 2017. The property cost $37,000 when it was purchased 5 years ago. The depreciation claimed on the
William sold Section 1245 property for $25,000 in 2017. The property cost $37,000 when it was purchased 5 years ago. The depreciation claimed on the property was $17,000
. a. Calculate the adjusted basis of the property. $________________
b. Calculate the recomputed basis of the property. $ ________________
c. Calculate the amount of ordinary income under Section 1245. $_________
d. Calculate the Section 1231 gain._____________
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