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Author Question: Jed sells an office building during the current year for $800,000. The building was purchased in ... (Read 42 times)

naturalchemist

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on: Sep 13, 2020

Question 1

The purpose of Sec. 1245 is to eliminate the advantage taxpayers would have if they were able to reduce ordinary income by depreciation deductions and also receive favorable Sec. 1231 treatment when the asset was sold.
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Question 2

Jed sells an office building during the current year for $800,000. The building was purchased in 1980 for $350,000.  Jed had depreciated the building under an accelerated method, but it is now fully depreciated. Jed has never had any other Sec. 1231 transactions.  
a. What is the recognized gain or loss on the sale of the building and the character of the gain?
b. How will the gain be taxed?
c. Assume the building was purchased in 1981 and depreciated under ACRS. How will the gain be taxed?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by naturalchemist on Sep 13, 2020

milbourne11

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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naturalchemist

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Reply 2 on: Sep 13, 2020
Excellent

lcapri7

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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