Octet Corporation Placed a Small Storage Building in Service in 1999.Octet's

question 49

Multiple Choice

Octet Corporation placed a small storage building in service in 1999.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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Definitions:

Benzodiazepines

Benzodiazepines are a class of psychoactive drugs used primarily for treating anxiety, insomnia, and certain types of seizures, characterized by their tranquilizing effects.

Minor Tranquilizers

A class of medications used to treat anxiety and insomnia by calming or depressing the central nervous system.

Antidepressant Drugs

Medications prescribed to alleviate symptoms of depression by correcting imbalances of neurotransmitters in the brain.

Mood Elevators

Substances, often medications, that can improve emotional state and combat depression.