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Moran owns a building he bought during year 0 for $164,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. Problem 11-44 Part-b (Algo) . Moran received $210,000. Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Unrecaptured $1250 gain (and $1231 gain) Remaining $1231 gain or (loss) S $ $ Amount 96,250 0x 46,000

Moran owns a building he bought during year 0 for $164,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. Problem 11-44 Part-b (Algo) . Moran received $210,000. Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Unrecaptured $1250 gain (and $1231 gain) Remaining $1231 gain or (loss) S $ $ Amount 96,250 0x 46,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Moran owns a building he bought during year 0 for $164,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. Problem 11-44 Part-b (Algo) b. Moran received $210,000. Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Unrecaptured $1250 gain (and $1231 gain) Remaining §1231 gain or (loss) Amount 96,250 S S S 46,000 0x
Transcribed Image Text:Moran owns a building he bought during year 0 for $164,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. Problem 11-44 Part-b (Algo) b. Moran received $210,000. Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Unrecaptured $1250 gain (and $1231 gain) Remaining §1231 gain or (loss) Amount 96,250 S S S 46,000 0x
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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