In the Current Year, Tim Sells Section 1245 Property for $28,000

question 96

Multiple Choice

In the current year, Tim sells Section 1245 property for $28,000 that he had purchased 6 years ago. Tim has claimed $7,000 in depreciation on the property and originally purchased it for $20,000. How much of the gain is taxable as ordinary income?

• A)$7,000
• B)$8,000
• C)$13,000
• D)$18,000
• E)None of the above is correct

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The actions or patterns of tobacco use, including the frequency and reasons behind smoking.

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The degree to which an employee accomplishes the tasks and responsibilities outlined in their job description, affecting organizational productivity and goals.

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A maladaptive pattern of alcohol use that leads to clinically significant impairment or distress, as indicated by tolerance, withdrawal, and inability to reduce drinking; also known as alcohol use disorder.