Amount and character of recognized gain or loss from sale

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Reference no: EM131263883

A C corporation purchased an office building on January 1, 10X1, for $255,000 (not including the land on which the building was located). On January 1,2017, the corporation sells the building for $375,000. Depreciation of $93,750 was taken on the building using MRCRS. Compute amount and character of the recognized gain or loss from the sale.

Reference no: EM131263883

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Amount and character of recognized gain or loss from sale : A C corporation purchased an office building on January 1, 10X1, for $255,000 (not including the land on which the building was located). On January 1,2017, the corporation sells the building for $375,000. Depreciation of $93,750 was taken on the bui..

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