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What is the amount and character of brad gain or loss

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Problem 1: Brad sold a rental house that he owned for $247,500. Brad bought the rental house five years ago for $227,500 and has claimed $48,750 of depreciation expense. What is the amount and character of Brad's gain or loss?

A) $20,000 ordinary and $48,750 unrecaptured §1250 gain.
B) $20,000 §1231 gain and $48,750 unrecaptured §1250 gain.
C) $20,000 capital and $48,750 ordinary gain.
D) $68,750 ordinary gain.
E) None of the choices are correct.

Reference no: EM132668465

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