Jennifer sells a building for 900000 which she used for


Question - Jennifer sells a building for $900,000 which she used for business. She purchased it years 14 ago for $620,000. During that time, she painted the building at a cost of $7,500, installed a new water heater for $80,000, cleaned the carpeting in the hallways for $6,000, repaired the walkway for $5,000, installed permanent shelving for $60,000, replaced electrical wiring for $175,000, and partitioned off some rooms at a cost of $50,000. Jennifer has taken straight line depreciation on the building in the amount of $450,000 over the years. What is her basis in the building and what is her realized and recognized gain/loss?

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Accounting Basics: Jennifer sells a building for 900000 which she used for
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