(Answered) Question - william sold section 1245 property for 25000 in

Accounting

Question - William sold Section 1245 property for $25,000 in 2012. The property cost $35,000 when it was purchased 5-years ago. The depreciation claimed on the property was $16,000. For all parts, show your math:

(a) Calculate the adjusted basis of the property.

(b) Calculate the recomputed basis of the property.

(d) Calculate the Section 1231 gain.

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