Solved

Ross Purchased a Building in 1985,which He Uses in His

Question 62

Multiple Choice

Ross purchased a building in 1985,which he uses in his manufacturing business.Ross used the ACRS statutory rates to determine the cost-recovery deduction for the building.Ross's original cost for the building is $500,000 and cost-recovery deductions allowed are $500,000.If the building is sold for $340,000,the tax results to Ross are


A) $340,000 LTCG.
B) $340,000 Sec.1231 gain.
C) $340,000 Sec.1245 ordinary income.
D) $340,000 Sec.1250 ordinary income.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents