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William sold Section 1245 property for $25,000 in 2011. The property cost $35,000 when it was purchased 5 years ago. The depreciation claimed on the property was $16,000.
Calculate the amount of ordinary income under Section 1245.
A.$9,000
B.$35,000
C.$0
D.$16,000
E.$6,000
F.None of the choices.
G.$19,000
On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $6,300 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the current year.
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