Brad sold a rental house that he owned for $251,500. Brad bought the rental house...
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Accounting
Brad sold a rental house that he owned for $251,500. Brad bought the rental house five years ago for $223,500 and has claimed $50,750 of depreciation expense. What is the amount and character of Brad's gain or loss?
Multiple Choice
$28,000 ordinary and $50,750 unrecaptured 1250 gain.
$28,000 1231 gain and $50,750 unrecaptured 1250 gain.
$78,750 ordinary gain.
$78,750 capital gain.
None of the choices are correct.
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