Rontco Corporation (A C Corporation)purchased an Office Building for $400,000

question 54

Multiple Choice

Rontco Corporation (a C corporation) purchased an office building for $400,000 for use in its business about ten years ago.The building is sold during the current year for $350,000.Total MACRS depreciation allowed for the building was $125,000.This is the only business asset sold by the corporation over the past six years.As result of the sale,how much ordinary gain will Rontco Corporation report?

• A)$15,000
• B)$25,000
• C)$75,000
• D)$0

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Definitions:

Reproduction

The biological process through which new individual organisms are produced by their parents.

Secondary Xylem

The part of the plant vascular system that transports water and nutrients from the roots to the shoots and leaves, typically forming wood in trees.

Cork Cambium

A layer of tissue in plants that produces cork cells to replace or augment the plant's outer epidermis, contributing to the bark's development.

Secondary Phloem

The part of a plant's vascular system that transports nutrients and is formed after the primary growth phase.