Williams Owned an Office Building (But Not the Land) That

question 112

Essay

Williams owned an office building (but not the land) that was destroyed by a fire.The building was insured and Williams has a $156,000 gain because his insurance recovery exceeded his adjusted basis for the building.Williams may replace the building.Williams had taken $145,000 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 if:

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Definitions:

National Healthcareer Association

An organization dedicated to providing certification and resources for health professionals to further their careers and ensure quality healthcare.

Dental Assistant

A healthcare professional who supports dental practitioners in providing patient care, preparing and maintaining dental instruments and equipment.

Scope of Practice

The boundaries defined by law and professional guidelines within which a professional operates, including what tasks they are competent and authorized to perform.

Outpatient Center

A healthcare facility where patients receive treatments or services but do not stay overnight.