Wally, Inc , sold the following three personal property assets in year 6 What is Wallys Section 1245 recapture in year 6 a $500 loss b $300 gain c $800 gain d $1,600 gain Accumulated Asset Purchase Date Cost Depreciation Selling Price A $5,000 5 1 year 3 8 13 year 4 $3,000 $2,300 1,200 500 2,000 2 ...

Wally, Inc., sold the following three personal property assets in year 6: What is Wallys Section 1245

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Wally, Inc., sold the following three personal property assets in year 6:

Accumulated Asset Purchase Date Cost Depreciation Selling Price A $5,000 5/1/year 3 8/13/year 4 $3,000 $2,300 1,200 500 2,000 2/18/year 6 3,800 1,800 1,500

What is Wally’s Section 1245 recapture in year 6?

a. $500 loss

b. $300 gain

c. $800 gain

d. $1,600 gain

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South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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Question Posted: Jun 01, 2020 10:25 AM

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Wally, Inc., sold the following three personal property assets in year 6: What is Wallys Section 1245

Question:

Accumulated Asset Purchase Date Cost Depreciation Selling Price A $5,000 5/1/year 3 8/13/year 4 $3,000 $2,300 1,200 500 2,000 2/18/year 6 3,800 1,800 1,500

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South-Western Federal Taxation 2020 Comprehensive

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