Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc corp., a corporation that is not an s corporat

ABC Corp., a corporation that is not an S corporation, acquired a residential rental building...

50.1K

Verified Solution

Question

Accounting

ABC Corp., a corporation that is not an S corporation, acquired a residential rental building on June 1,2022, for $500,000. It sold the building March 1,2023, for $700,000. In 2022, $13,636 of depreciation was deducted using the S-L method. What portion of ABC's gain is treated as ordinary income?A. $200,000B. $0C. $10,606$13,636

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Explain in detail the mechanisms of fluid exchange between capillaries and the interstitium. Then, define edema, and...

Medical Sciences
1.2K views

. List the functions of the hormones/enzyme listed below: • Aldosterone • Renin • Antidiuretic Hormone (ADH)

Chemistry
1.2K views

The water used in this experiment is sparged with nitrogen to remove any dissolved oxygen. The...

Physics
1.2K views

Inside a fixed sphere of radius R and uniform R density p there is spherical...

Basic Math
1.2K views

Neil s class helped clean up a local beach The 6 students in the class...

Calculus
1.2K views

Ex The cost in dollars to produce x designer dog lea x 2x 59x Find...

Calculus
1.2K views

Type answer as an a b pair both integers no decimals and no spaces between...

Algebra
1.2K views

11 Factor completely 12x 6x 21x answer

Accounting
1.2K views

Understanding Operating Assets Descriptions of operating assets are listed below. Required: Identify the category of...

Accounting
1.2K views

Haskins Company employs material handling employees who move materials between production divisions at a labor...

Accounting
1.2K views

Costvolumeprofit analysis can use changes in sales prices, variables costs, ______________, and volume to evaluate...

Finance
1.2K views

Richard and Monica had a disagreement between the two concerning educational planning. Richard believed that...