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What is Franco recognized gain or loss on the sale

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Question - Franco converted a building from personal to business use in May 2015 when the fair market value was $42,500. He purchased the building in July 2012 for $68,000. On December 15 of this year, Franco sells the building for $34,000. On the date of the sale, the accumulated depreciation on the building was $4,315. What is Franco's recognized gain or loss on the sale?

Reference no: EM132428802

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