Reference no: EM133091871
Question - Taxpayer owns a building that she uses in her business. Taxpayer purchased the building several years ago for $230,000. On 29 August 2020, Taxpayer sells the building for $250,000 and pays $15,000 in selling expenses. Through the date of sale, Taxpayer has deducted a total of $46,000 in depreciation. Determine the amount and character of the gain or loss on the sale of the building.
A) $51,000 total section 1231 gain including $46,000 unrecaptured section 1250 gain
B) $40,000 section 1245 recapture and $30,000 section 1231 gain
C) $58,000 total section 1231 gain including $40,500 unrecaptured section 1250 gain
D) $40,500 section 1245 recapture and $17,500 section 1231 gain
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