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Question - Valley Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2021:
Asset
Deprec Method
Cost
Accum Deprec
Adj. Basis
Sale Price
Equipment#1
Equipment#2
Building
Land
MACRS - DDB
MACRS - SL
N/A
$55,000
$32,000
$110,000
$45,000
$40,000
$11,000
$50,000
$0
$15,000
$21,000
$60,000
$23,000
$30,000
$135,000
Required -
A: How much is Valley Corporation's Sec 1245 ordinary income recapture?
B: How much is Valley Corporation's Sec 1250 ordinary income recapture?
C: How much is Valley Corporation's Sec 291 ordinary income recapture?
D: How much is Valley Corporation's net Sec 1231 gain or loss for 2021 after 1245, 1250, and 291 recapture (before considering the look-back provision)?
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