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What are the tax consequences of the sale of realty

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Reference no: EM132661036

Problem - Heron Company purchases commercial realty on November 13, 2001, for $650,000. Straight-line depreciation of $287,492 is claimed before the property is sold on February 22, 2019, for $850,000. What are the tax consequences of the sale of realty if Heron is:

a. A C corporation?

b. A sole proprietorship?

Reference no: EM132661036

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