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Question:
George Buckner sells an apartment building on October 10th of the current year for $1.75 million. The building was purchased on 1st January, 1995, for $2 million. Depreciation of $420,000 has been taken. The figures provided above do not include the selling price or the purchase price of the land. Mr. Buckner's adjusted basis for the land is $200,000, and the sale price is $350,000. Mr. Buckner, who owns and operates a taxi business, sells one of the automobiles for $1,800 on November 14th. The automobile's adjusted basis is zero, and the original cost is $15,000. The automobile was purchased on April 25, 2006. Mr. Buckner has no other profits and losses during the year, and nonrecaptured net Sec. 1231 losses amount to $32,000. Write Form 4797 for the current year.
Write journal entries for each transaction and Evaluate profit and loss for given case
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