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How much income does monica recognize

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Problem 1: On February 1, 1986, Monica purchased an office building for $1,300,000. She used the ACRS statutory (accelerated depreciation) and took $1,300,000 depreciation before she sold the building for $1,400,000 on February 1, 2020. Straight-line depreciation would have been $1,300,000. How much income does Monica recognize and how will it be treated? What would your answer be to the first question if she had used the optional straight-line method?

Reference no: EM132929640

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