On december 31 year 5 tasha sold the property for 102000, Ask an Expert

Accounting

On January 2, Year 3, Tasha Corp purchased and placed into service 7-year MACRS tangible property costing $100,000. On December 31, Year 5, Tasha sold the property for $102,000, after having taken $47,525 in MACRS depreciation deductions. What is the realized gain, recognized gain and character (1231 (capital) v. ordinary)?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442579

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