Moran owns a building he bought during year 0 for $195,000. He sold the building in year 6. During the time he held the building, he depreciated it by $52,250. 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. c. Moran received $131,500. Description Total Gain or (Loss) Recognized NA Remaining $1231 gain or (loss) Amount
Moran owns a building he bought during year 0 for $195,000. He sold the building in year 6. During the time he held the building, he depreciated it by $52,250. 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. c. Moran received $131,500. Description Total Gain or (Loss) Recognized NA Remaining $1231 gain or (loss) Amount
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 31P
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Transcribed Image Text:Moran owns a building he bought during year 0 for $195,000. He sold the building in year 6. During the
time he held the building, he depreciated it by $52,250.
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.
c. Moran received $131,500.
Description
Total Gain or (Loss) Recognized
NA
Remaining $1231 gain or (loss)
Amount
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