Bart purchased an office building for $630,000. This year he sells the building for $950,000. Over the year, he replaced the windows and doors at a cost of $60,000, repainted the exterior (repainting is considered maintenance) at a cost of $15,000, and installed an elevator at a cost of $90,000. Bart took straight line depreciation on the building for 20 years for a total of $400,000.
What is Bart's basis in the building at the time of the sale?
A)$380,000
B)$290,000
C)$230,000
D)$630,000
What is Bart's realized gain?
A)$410,000
B)$320,000
C)$950,000
D)$570,000
What is Bart's recognized gain?
A)$320,000
B)$950,000
C)$410,000
D)$570,000