Moran owns a building he bought during year 0 for $245,000. He sold the building in year 6. During the time he held the building he depreciated it by $46,250. What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) . Moran received $220,000. Description Amount Total Gain/(Loss) Recognized Remaining $1231 gain (loss)
Moran owns a building he bought during year 0 for $245,000. He sold the building in year 6. During the time he held the building he depreciated it by $46,250. What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.) . Moran received $220,000. Description Amount Total Gain/(Loss) Recognized Remaining $1231 gain (loss)
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 69P
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Question
![Moran owns a building he bought during year 0 for $245,000. He sold the building in year 6. During the time he held the
building he depreciated it by $46,250.
What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative
situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no
answer blank. Enter zero if applicable.)
a. Moran received $220,000.
Description
Amount
Total Gain/(Loss) Recognized
Remaining $1231 gain (loss)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd6c78888-930b-427b-a742-c52d1591eb6c%2Fd81c0d68-685a-435c-a0a7-3e809a246bc9%2Fjokv80lh_processed.png&w=3840&q=75)
Transcribed Image Text:Moran owns a building he bought during year 0 for $245,000. He sold the building in year 6. During the time he held the
building he depreciated it by $46,250.
What is the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative
situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no
answer blank. Enter zero if applicable.)
a. Moran received $220,000.
Description
Amount
Total Gain/(Loss) Recognized
Remaining $1231 gain (loss)
![ค
b. Moran received $252,000.
Description
Total Gain/(Loss) Recognized
Remaining $1231 gain (loss)
Show Transcribed Text
c. Moran received $188,000.
C
Amount
Description
Amount
Total Gain/(Loss) Recognized
Remaining $1231 gain (loss)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd6c78888-930b-427b-a742-c52d1591eb6c%2Fd81c0d68-685a-435c-a0a7-3e809a246bc9%2Fhaykvdv_processed.png&w=3840&q=75)
Transcribed Image Text:ค
b. Moran received $252,000.
Description
Total Gain/(Loss) Recognized
Remaining $1231 gain (loss)
Show Transcribed Text
c. Moran received $188,000.
C
Amount
Description
Amount
Total Gain/(Loss) Recognized
Remaining $1231 gain (loss)
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