Brad sold a rental house that he owned for $247,000. Brad bought the rental house five years ago for $228,000 and has claimed $48,500 of depreciation expense. What is the amount and character of Brad's gain or loss?
A) $19,000 ordinary and $48,500 unrecaptured §1250 gain.
B) $19,000 §1231 gain and $48,500 unrecaptured §1250 gain.
C) $19,000 capital and $48,500 ordinary gain.
D) $67,500 ordinary gain.
E) None of the choices are correct.
Correct Answer:
Verified
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