David Thompson sold his commercial office building for which the buyer paid $1,200,000 cash and assumed an existing mortgage of $300,000. The property had originally cost $900,000 and he had made improvements of $150,000. Depreciation of $200,000 has been claimed and selling expenses were $45,000. What is the amount of gain? a. $405,000 b. $505,000 c. $605,000 d. $705,000 e. $805,000

On January 4, 1986, Rita Racksaw purchased a warehouse for $150,000. In 2020, she sold the warehouse for $107,000. She took $150,000 depreciation under ACRS and straight-line depreciation would have been $150,000. How much and what type of income or gain would Rita have on the sale? $43,000 Section 1231 loss $107,000 Section 1231 gain $107,000 long-term capital gain $107,000 ordinary income

What is jorge's gain or loss realized on the machine?

Rock Properties recently purchased a building that generates Gross Rental Income of $190,000 per year and Net Operating Income of $125,000 per year. Rock paid $250 per square foot for the 3,000 square foot building. What was the capitalization rate based on the purchase price?     a. 25.3%   b. 65.8%   c. 16.7%   d. 12.5%   e. None of the above.

Kk.49.

Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year,the corporation sold the warehouse to Firm D for $80,000 cash and D’s assumption ofa $225,000 mortgage. Through date of sale, Lynn deducted $92,300 straight-linedepreciation on the warehouse.Required:.b. What is the character of this gain capital gain and ordiary gain?

N1.

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Brian brewster sold the property solve this accounting questions

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