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What is Franco recognized gain or loss on the sale

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Reference no: EM133021580

Question - What gain or loss does Lassen realize on the transaction? Lassen Corporation sold a machine to a machine dealer for $39,000. Lassen bought the machine for $79,500 and has claimed $27,250 of depreciation expense on the machine.

Franco converted a building from personal to business use in May 2016 when the fair market value was $50,000. He purchased the building in July 2013 for $80,000. On December 15 of this year, Franco sells the building for $40,000. On the date of sale, the accumulated depreciation on the building is $5,065. What is Franco's recognized gain or loss on the sale?

Reference no: EM133021580

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