Unrecaptured Section 1250 Gain
Response to the following problem:
Victor purchased a warehouse in 2002 for $1,000,000. He sold the warehouse in July of 2014 for $1,200,000. Victor deducted $309,524 of depreciation during the period when he owned the building.
How will this transaction be reported on the tax return?
How will the gain on this transaction be taxed?