Postum Partnership purchases a building in 2014 for $250,000. It deducts $5,600 in depreciation on the building

Question:

Postum Partnership purchases a building in 2014 for $250,000. It deducts $5,600 in depreciation on the building in 2014, $6,400 in 2015, $6,400 in 2016, and $3,200 in 2017. It sells the building in 2017 for $260,000. What is the partnership’s gain or loss on the sale of the building?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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