Moran owns a building he bought during year 0 for $164,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. Problem 11-44 Part-b (Algo) . Moran received $210,000. Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Unrecaptured $1250 gain (and $1231 gain) Remaining $1231 gain or (loss) S $ $ Amount 96,250 0x 46,000
Moran owns a building he bought during year 0 for $164,000. He sold the building in year 6. During the time he held the building, he depreciated it by $50,250. What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative situations? Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers blank. Enter zero if applicable. Problem 11-44 Part-b (Algo) . Moran received $210,000. Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Unrecaptured $1250 gain (and $1231 gain) Remaining $1231 gain or (loss) S $ $ Amount 96,250 0x 46,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Moran owns a building he bought during year 0 for $164,000. He sold the building in year 6. During the time he held the
building, he depreciated it by $50,250.
What are the amount and character of the gain or loss Moran will recognize on the sale in each of the following alternative
situations?
Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers
blank. Enter zero if applicable.
Problem 11-44 Part-b (Algo)
b. Moran received $210,000.
Answer is complete but not entirely correct.
Description
Total Gain or (Loss) Recognized
Unrecaptured $1250 gain (and $1231 gain)
Remaining §1231 gain or (loss)
Amount
96,250
S
S
S 46,000
0x
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