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Compute the amount of Aqua recognized gain on the sale

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Reference no: EM132660820

Problem - Aqua Corporation purchases nonresidential real property on May 8, 2016, for $1,000,000. Straight-line cost recovery is taken in the amount of $89,765 before the property is sold on November 27, 2019, for $1,500,000.

Required -

a. Compute the amount of Aqua's recognized gain on the sale of the realty.

b. Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income).

Reference no: EM132660820

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