Octet Corporation Placed a Small Storage Building in Service in 2000.Octet's

question 111

Multiple Choice

Octet Corporation placed a small storage building in service in 2000.Octet's original cost for the building is $800,000 and the cost recovery deductions are $300,000.This year the building is sold for $1,100,000.The amount and character of the gain are

• A)Ordinary gain of $60,000 and Sec.1231 gain of $540,000.
• B)Ordinary gain of $300,000 and Sec.1231 gain of $300,000.
• C)Ordinary gain of $600,000.
• D)Sec.1231 gain of $600,000.

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Definitions:

Personality

A collection of qualities and traits that together form a distinctive individual identity.

Inventory

In psychology, a questionnaire or assessment tool used to measure and evaluate individual traits, behaviors, or attitudes.

Intrapersonal Processes

Internal psychological processes that involve thoughts and feelings within an individual, affecting their behavior and attitudes.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing behaviors, thoughts, and emotions.