Reference no: EM133037428
Question - Quince Corporation, a C corporation, purchases a warehouse on July 1, 2004, for $1,200,000. Straight-line depreciation is taken in the amount of $521,600 before the property is sold on September 12, 2020, for $1,400,000. What is the amount and character of the gain recognized by Quince Corporation on the sale of the realty?
a. Ordinary income of $104,320 and §1231 gain of $617,280.
b. Ordinary income of $521,600 and §1231 gain of $200,000.
c. Ordinary income of $104,320 and §1231 gain of $574,080
d. Ordinary income of $0 and §1231 gain of $721,600.
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