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Compute the cost recovery and adjusted basis for building

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Reference no: EM132672082

Problem - On June 1, 2015, Skylark Enterprises (not a corporation) acquired a retail store building for $500,000 (with $100,000 being allocated to the land). The store building was 39-year real property, and the straight-line cost recovery method was used. The property was sold on June 21, 2019, for $385,000.

Required -

a. Compute the cost recovery and adjusted basis for the building.

b. What are the amount and nature of Skylark's gain or loss from disposition of the property? What amount, if any, of the gain is unrecaptured § 1250 gain?

Reference no: EM132672082

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