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In 2006, TYR Inc. purchased a warehouse for $295,000. This year, the corporation sold the warehouse to Firm D for a cash payment of $80,000 and D’s assumption of a $225,000 mortgage. Through date of sale, TYR claimed $72,000 of straight-line depreciation on the warehouse.
a) Compute TYR’s recognized gain on the sale of the warehouse.
b) What is the character of the gain?
c) Would your answers change if TYR is a non corporate business?
what are the disadvantages of avco method? the purchasing department had hoped to have a contract finalized to purchase
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