Octet Corporation Placed a Small Storage Building in Service in 2001.Octet's

question 49

Multiple Choice

Octet Corporation placed a small storage building in service in 2001.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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