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Hero Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2020: Asset Cost Accum Adjusted Deprec Basis $10,000 $60,000 $50,000 Sale Price $22,000 $105,000 $60,000 Deprec Method $40,000 $100,000 $50,000 $30,000 $40,000 Office Furniture MACRS Building MACRS - SL Land N/A -0- | How much is Hero Corporation's Sec 1250 ordinary income recapture?

Hero Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2020: Asset Cost Accum Adjusted Deprec Basis $10,000 $60,000 $50,000 Sale Price $22,000 $105,000 $60,000 Deprec Method $40,000 $100,000 $50,000 $30,000 $40,000 Office Furniture MACRS Building MACRS - SL Land N/A -0- | How much is Hero Corporation's Sec 1250 ordinary income recapture?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hero Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2020: Asset Deprec Method Cost Accum Adjusted Basis $10,000 $60,000 $50,000 Sale Deprec $30,000 $40,000 Price $40,000 $100,000 $50,000 $22,000 $105,000 $60,000 Office Furniture MACRS Building Land MACRS - SL N/A -0- | How much is Hero Corporation's Sec 1250 ordinary income recapture?
Transcribed Image Text:Hero Corporation, a C Corp, disposed of the following assets, all Sec 1231 property, during 2020: Asset Deprec Method Cost Accum Adjusted Basis $10,000 $60,000 $50,000 Sale Deprec $30,000 $40,000 Price $40,000 $100,000 $50,000 $22,000 $105,000 $60,000 Office Furniture MACRS Building Land MACRS - SL N/A -0- | How much is Hero Corporation's Sec 1250 ordinary income recapture?
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