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How much is valley corporation net gain or loss

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Reference no: EM133138798

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 - 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

$45,000

$23,000

$30,000

$135,000

$55,000

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)?

Reference no: EM133138798

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