Computing the amount of ordinary income, Accounting Basics

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Computing the amount of ordinary income

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

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Accounting Basics: Computing the amount of ordinary income

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Accounting Basics: Computing the amount of ordinary income

Reference No:- TGS0518080

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Business vision-mission and values

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Computing the amount of ordinary income

Reference No:- TGS0518080

Recent Questions Asked Accounting Basics

Q : Business vision-mission and values

Q : Impact on the health industry and society

Q : Advantages of a private placement of shares

Q : Compute degree of operating leverage at projected volume

Q : Computing the amount of ordinary income

Q : Should company alter the current allocation of labor types

Q : Incident handling security policy

Q : Recorded daily intake provide protein

Q : Find what pricing strategy will yield greatest revenue

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