Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

تمرين 53

Ricardo acquired a warehouse for business purposes on August 30, 1992. The building cost $400,000. He took $226,900 of depreciation on the building, and then sold it for $500,000 on July 1, 2010. What are the amount and nature of Ricardo's gain or loss on the sale of the warehouse?