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Calculate the recomputed basis of the property

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Reference no: EM132676277

Problem - William sold Section 1245 property for $25,000 in 2019. The property cost $38,500 when it was purchased 5 years ago. The depreciation claimed on the property was $19,200.

Required -

a. Calculate the adjusted basis of the property.

b. Calculate the recomputed basis of the property.

c. Calculate the amount of ordinary income under Section 1245.

d. Calculate the Section 1231 gain.

Reference no: EM132676277

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