Jamison Owned a Rental Building (But Not the Land) That

question 79

Essay

Jamison owned a rental building (but not the land) that was destroyed by a hurricane.The building was insured and Jamison has a $56,000 gain because his insurance recovery exceeded his adjusted basis for the building.Jamison does not intend to replace the building.Jamison had taken $45,000 of depreciation on the building, has no § 1231 lookback loss, has no other § 1231 transactions for the year, and has no Schedule D transactions for the year.What is the final nature of Jamison's gain for the year and what tax rate(s) apply to the gain?

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Definitions:

Related Businesses

Companies or entities that engage in similar or complementary activities, often within the same industry or market.

Carve-out

A strategic move by a company to sell or spin off a portion of its business or assets.

Corporate Subsidiary

A company that is completely or majority-owned by another company, known as the parent company.

New Equity Financing

The process of raising capital through the sale of shares in a company to new investors.