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Problem
In 2013, XYZ Corporation sold a warehouse ( the only business asset it has ever sold) for $400,000, XYZ paid $300,000 to have the warehouse constructed in 2000. Over the years, XYZ had taken total straight line depreciation deduction of $190000 and as a result the property's adjusted basis at the time of sale was $110,000. What amount of gain results from this sale and what is its character?
The correct answer is $38,000 ordinary income and $252,000 section 1231 gain.
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