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Author Question: Marta purchased residential rental property for $600,000 on January 1, 1985. Total ACRS deductions ... (Read 54 times)

debasdf

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Marta purchased residential rental property for $600,000 on January 1, 1985.  Total ACRS deductions for 1985 through the date of sale amounted to $600,000. If the straight-line method of depreciation had been used, depreciation would have been $600,000. The property is sold for $750,000 on January 1 of the current year. The amount and character of the gain is
◦ $750,000 Sec. 1231 gain.
◦ $150,000 Sec. 1231 gain and $600,000 ordinary income.
◦ $750,000 ordinary gain due to Sec 1245.
◦ $750,000 ordinary gain due to Sec. 1250.


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Marked as best answer by debasdf on Sep 13, 2020

bassamabas

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debasdf

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Reply 2 on: Sep 13, 2020
Excellent


sailorcrescent

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Reply 3 on: Yesterday
Gracias!

 

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