Emil purchased an apartment building in 2016 for $200,000 and made improvements over time in the amount of $50,000. The initial purchase included $15,000 for land value. Emil took all allowable depreciation, totaling $54, 000. He sold the entire property in 2022 for $350,000, with no sale expenses. What are his total gains on the building and improvements only, reported in Part III of Form 4797 ?
Emil purchased an apartment building in 2016 for $200,000 and made improvements over time in the amount of $50,000. The initial purchase included $15,000 for land value. Emil took all allowable depreciation, totaling $54, 000. He sold the entire property in 2022 for $350,000, with no sale expenses. What are his total gains on the building and improvements only, reported in Part III of Form 4797 ?
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![Emil purchased an apartment building in 2016 for $200,000 and made improvements over time in the
amount of $50,000. The initial purchase included $15,000 for land value. Emil took all allowable
depreciation, totaling $54, 000. He sold the entire property in 2022 for $350,000, with no sale expenses.
What are his total gains on the building and improvements only, reported in Part III of Form 4797 ?](https://content.bartleby.com/qna-images/question/2f3b56e9-0228-48a7-b6b1-bc9d28635f3e/d383280c-1542-4039-87d9-c995a7c23bc8/167f3o_thumbnail.png)
Transcribed Image Text:Emil purchased an apartment building in 2016 for $200,000 and made improvements over time in the
amount of $50,000. The initial purchase included $15,000 for land value. Emil took all allowable
depreciation, totaling $54, 000. He sold the entire property in 2022 for $350,000, with no sale expenses.
What are his total gains on the building and improvements only, reported in Part III of Form 4797 ?
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