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A C corporation purchased an office building on January 1, 10X1, for $255,000 (not including the land on which the building was located). On January 1,2017, the corporation sells the building for $375,000. Depreciation of $93,750 was taken on the building using MRCRS. Compute amount and character of the recognized gain or loss from the sale.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92018649

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