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:
Verified
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