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Compute the portion of the gain on the sale

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Question - In the current year TD sells a building it had used in its business for $4,600,000 cash. The buyer agreed to assume a $500,000 liability that has encumbered the building for several years. TD purchased the building several years ago for $3,000,000 in cash and has properly take $1,000,000 of tax depreciation deductions through the date of sale. Compute the portion of the gain on the sale that will be classified as an ordinary gain?

Reference no: EM132477313

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