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What is the amount and character of batemans gain

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Question - Bateman Corporation sold an office building that it used in its business for $801,000. Bateman bought the building 10 years ago for $599,500 and has claimed $201,500 of depreciation expense. What is the amount and character of Bateman's gain or loss?

a. $40,300 ordinary and $362,700 §1231 gain.

b. $201,500 ordinary and $201,500 §1231 gain.

c. $40,000 ordinary gain.

d. $403,000 capital gain.

e. None of the choices are correct.

Reference no: EM132561704

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