Author Question: Henry Oldham purchased the office building in which his CPA firm was housed in 1983. Henry purchased ... (Read 64 times)

renzo156 · **on:** Jun 24, 2018

Henry Oldham purchased the office building in which his CPA firm was housed in 1983. Henry purchased the building for 225,000. Henry replaced the windows in the building and restructured the lay-out of the offices in the building. His costs were 32,000 for the improvement. Henry is retiring and has just sold the building for 495,000. Henry has claimed 55,000 in depreciation. Henry will have selling costs of 5,000. What is Henry's gain on the sale?
A)257,000
B)233,000
C)288,000
D)435,000

Question 2

Anchor tenants:
A) Tend to pay more rent per square foot than the other smaller tenants.
B) Tend to pay less per square foot than the other tenants.
C) Are liable to the smaller tenants for damages if they fail to open their store in a center.
D) Can terminate their leases at any time without having to pay damages.