What are amount and character of lucks recognized gain

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Reference no: EM133327545

Question: Luck sold a building and the land on which the building sits to his wholly owned corporation, Studemont Corporation, at fair market value. The fair market value of the building was determined to be $325,000; Luck built the building several years ago at the cost of $200,000. Luck had claimed $45,000 of depreciation to be $210,000 at the time of the sale; Luck purchased the land many years ago for $130,000.

What are the amount and character of Luck's recognized gain or loss on the building?

Reference no: EM133327545

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