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X Corporation sold a commercial building for $200,000 on January 2, 20X7 (purchased for $150,000 on December 16, 20X2). The building was depreciated using MACRS
X Corporation sold a commercial building for $200,000 on January 2, 20X7 (purchased for $150,000 on December 16, 20X2). The building was depreciated using MACRS straight-line and depreciation in the amount of $20,000 has been taken. The amount and nature of the gain upon sale is
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