In 1980,Artima Corporation Purchased an Office Building for $400,000 for Use

question 76

Multiple Choice

In 1980,Artima Corporation purchased an office building for $400,000 for use in its business.The building is sold during the current year for $550,000.Total depreciation allowed for the building was $390,000; straight-line would have been $360,000.As result of the sale,how much Sec.1231 gain will Artima Corporation report?

• A)$150,000
• B)$398,000
• C)$510,000
• D)$540,000

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Definitions:

Colonists

Individuals or groups that settle in a new country or area, often establishing colonies under the control of a mother country.

Birthright

A right or privilege that one is entitled to at birth, often pertaining to citizenship or familial inheritance.

Liberty

Living without the influence of restricting authority over one’s personal life choices, behaviors, or political ideologies within the social order.

Colonies

Territories under the political control of an outside power, often settled by people from that power and exploited for economic benefit.