Stark Industries., a C corporation, owned an office building for several years. The building was originally purchased for $275,000 and has accumulated depreciation of $45,000 using straight-line depreciation under the modified accelerated cost recovery system. If Stark sold the building for $300,000, what amount is recaptured as ordinary gain from this transaction?
Stark Industries., a C corporation, owned an office building for several years. The building was originally purchased for $275,000 and has accumulated depreciation of $45,000 using straight-line depreciation under the modified accelerated cost recovery system. If Stark sold the building for $300,000, what amount is recaptured as ordinary gain from this transaction?
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 35P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT