What is the amount and character of hart''s recognized gain

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Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset. Hart has a marginal tax rate of 30 percent.

Answer the questions presented in the following alternative scenarios (assume Hart had no property transactions other than those described in the problem): (Loss amounts should be indicated by a minus sign.)

1.What is the amount and character of Hart's recognized gain if the asset is tangible personal property sold for $450,000? (Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.)

 

Reference no: EM131749542

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