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What is the adjusted basis for the warehouse

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Question - Richard acquired a warehouse for business purposes on August 30, 1998. The building cost $452,500. He took $262,500 of depreciation on the building, and then sold it for $547,500 on July 1, 2017. What are the amount and nature of Ricardo's gain or loss on the sale of the warehouse?

1. What is the adjusted basis for the warehouse?

2. What amount of the gain or loss is realized on the sale of the warehouse?

Reference no: EM132225911

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