I need assistance with this general accounting question using appropriate principles. Sarah owns a small restaurant called Coastal Cuisine. During the past year,Sarah sold her restaurant to purchase a larger location downtown. Shereceived sales proceeds of $275,000 from the buyer. She paid a salescommission of $16,500 to her real estate agent.The restaurant had an original cost of $210,000 and had accumulateddepreciation for tax purposes of $42,500.What is Sarah's realized gain or loss on the sale?

Step 1: Definition of Realized Gain or LossA realized gain or loss is the difference between the net…

Answered: Sarah owns a small restaurant called…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 66P

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What is hanks realized gain or loss on the sale ??? Please help me this question
General Account:- Hank owns a gym called Ultimate Fitness. During the past year, Hank sold his facility to purchase a larger building with a parking lot. He received sales proceeds of $125,000 form the buyer. He paid a sales commission to his broker of $6,500. The building had an original cost of $105,00 and had accumulated depreciation for tax purposes of $15,825. What is Hank's realized gain or loss on the sale?
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