A corporation sold a warehouse during the current year.The company purchased the building 25 years ago.Details are as follows $$\begin{array} { | l | r | }
\hline \text { Cost } & \$ 800,000 \
\hline \text { Accumulated Depreciation } & 620,000 \
\hline \text { Selling Price } & 890,000 \
\hline
\end{array}$$ How much gain should the corporation report as Sec.1231 gain?
A)$124,000
B)$90,000
C)$586,000
D)$710,000

Question

A corporation sold a warehouse during the current year.The company purchased the building 25 years ago.Details are as follows $$\begin{array} { | l | r | } 
\hline \text { Cost } & \$ 800,000 \
\hline \text { Accumulated Depreciation } & 620,000 \
\hline \text { Selling Price } & 890,000 \
\hline
\end{array}$$ How much gain should the corporation report as Sec.1231 gain?
A)$124,000
B)$90,000
C)$586,000
D)$710,000

Quizplus · Accepted Answer

The Answer of A corporation sold a warehouse during the current year.The company purchased the building 25 years ago.Details are as follows $$\begin{array} { | l | r | } 
\hline \text { Cost } & \$ 800,000 \
\hline \text { Accumulated Depreciation } & 620,000 \
\hline \text { Selling Price } & 890,000 \
\hline
\end{array}$$ How much gain should the corporation report as Sec.1231 gain?
A)$124,000
B)$90,000
C)$586,000
D)$710,000

A Corporation Sold a Warehouse During the Current Year How Much Gain Should the Corporation Report as Sec