Remaining Time: 6 hours, 34 minutes, 48 seconds. Question Completion Status: Clo

Question

Remaining Time: 6 hours, 34 minutes, 48 seconds. Question Completion Status: Close Window -> a) Moving to another question will save this response (Gaston 68of73) 8 Question 68 of 73 Question 68 1.3 points Save Answer Sen purchased an apartment buiiding about 10 years ago, for $200,000. The building has been depreciated over the sppropriate recovery period using the "traight-line method. On December 31, 2015, the building wa, ,eld fer S220.000, when the aeeusulated depreciation was '62,500. Ben is in the highes tax bracket: en his 2015 tax return, he should repore: o a Section 1231 gais et s20,000 and ordinary incone ot $62, 500. O b Section 1231 qain ot s62.500 and ordinary snocme ot $20,000 c. Ordinary inoone (a245 recaptuze) of se2,500. o d Ordinary income (1245 recspture) ot 2,500 Sectien 223 gain of 20,000 and seczion 1231/1250 qain ot 62, 500. Mowng to anther question w. sao this response Question 68 of 73 > » Close Window DOLL

Explanation / Answer

Ans is e section 1231 gain of 20000 and and section 1250 gain of 62500(Unrecaptured Depreciation taxed @ 25%)

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---