Straight-line cost recovery method

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Reference no: EM13863902

On June 1, 2011, Skylark Enterprises (not a corporation) acquired a retail store building for $500,000 (with $100,000 being allocated to the land). The store building was 39-year real property, and the straight-line cost recovery method was used. The property was sold on June 21, 2015, for $385,000.

The cost recovery is $----, and the adjusted basis for the building is $----.

There is $---- of recognized Select loss gain Correct 2 of Item 2  on the sale of the property, of which Select none all Correct 3 of Item 2  is subject to § 1250 recapture.

Reference no: EM13863902

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