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What code section dictates this treatment

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Keith & Michael purchased residential real estate in 2010 to be used in the rental activity. They paid $42,000 for the property, had $12,500 of capital improvements and have claimed depreciation deductions of $9,909 of depreciation.

They sell the property in 2015 for $64,500.

What is their adjusted tax basis?

What is their gain?

Is there recapture? If so, how much? At what rate must it be recaptured?

What code section dictates this treatment?

Reference no: EM131819449

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