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What is Wally Section 1245 recapture

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Problem - Wally, Inc., sold the following three personal property assets in year 6:

Asset

Purchase Date

Cost

Accumulated Depreciation

Selling Price

A

5/1/year 3

$5,000

$3,000

$2,300

B

8/13/year 4

1,200

500

2,000

C

2/18/year 6

3,800

1,800

1,500

Required - What is Wally's Section 1245 recapture in year 6?

a. $500 loss

b. $300 gain

c. $800 gain

d. $1,600 gain

Reference no: EM132660379

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