C corporation,

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 32CE
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1

Beige Corporation, a C corporation,
purchases a warehouse on August 1, 2002,
for $1 million. Straight-line depreciation is
taken in the amount of $611,750 before the
property is sold on June 12, 2018, for $1.4
million. What is the amount and character
of the gain recognized by Beige on the sale
of the realty?
Transcribed Image Text:Beige Corporation, a C corporation, purchases a warehouse on August 1, 2002, for $1 million. Straight-line depreciation is taken in the amount of $611,750 before the property is sold on June 12, 2018, for $1.4 million. What is the amount and character of the gain recognized by Beige on the sale of the realty?
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