23. LO.5 Buford sells an apartment building for $720,000. His adjusted basis is $500,000 for regular income

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23. LO.5 Buford sells an apartment building for $720,000. His adjusted basis is $500,000 for regular income tax purposes and $550,000 for AMT purposes. Calculate Buford’s:

a. Gain for regular income tax purposes.

b. Gain for AMT purposes.

c. AMT adjustment, if any.

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