Ross Purchased a Building in 1985,which He Uses in His

question 25

Multiple Choice

Ross purchased a building in 1985,which he uses in his manufacturing business.Ross uses the ACRS statutory rates to determine the cost-recovery deduction for the building.Ross's original cost for the building is $500,000 and cost-recovery deductions allowed are $500,000.If the building is sold for $340,000,the tax results to Ross are

• A)$340,000 LTCG.
• B)$340,000 Sec.1231 gain.
• C)$340,000 Sec.1245 ordinary income.
• D)$340,000 Sec.1250 ordinary income.

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