In 1980,Mr

question 57

Multiple Choice

In 1980,Mr.Lyle purchased a factory building to use in business for $480,000.When Mr.Lyle sells the building for $580,000,he has taken depreciation of $470,000.Straight-line depreciation would have been $400,000.Mr.Lyle must report

• A)$570,000 of ordinary gain.
• B)$570,000 of Sec.1231 gain.
• C)$70,000 of ordinary income and $500,000 of Sec.1231 gain.
• D)$470,000 of ordinary gain and $100,000 of Sec.1231 gain.

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Definitions:

Play

Engaging in activities for enjoyment and recreation rather than a serious or practical purpose, often seen as essential for developmental processes in children.

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A person's closest and most intimate friend, with whom they share a deep and enduring bond.

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A divide between adolescence and other periods of life that supposedly reflects profound differences in behavior, values, attitudes, lifestyle choices, and experiences.

Autonomy

The development and expression of independence.