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What is the adjusted basis for the warehouse

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Reference no: EM133120651

Question - Ricardo acquired a warehouse for business purposes on August 30, 2001. The building cost $475,000. He took $247,000 of depreciation on the building, and then sold it for $580,000 on July 1, 2020.

Required -

a. What is the adjusted basis for the warehouse?

b. What amount of the gain or loss is realized on the sale of the warehouse?

c. What amount of the gain or loss is un-recaptured?

d. At what rate is the un-recaptured gain or loss taxed?

e. What amount of the gain or loss qualifies as a $1231 gain or loss?

Reference no: EM133120651

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