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Franco converted a building from personal to business use in May 2019 when the fair...

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Accounting

Franco converted a building from personal to business use in May 2019 when the fair market value was $47,500. He purchased the building in July 2016 for $76,000. On December 15 of this year, Franco sells the building for $38,000. On the date of sale, the accumulated depreciation on the building is $4,815. What is Franco's recognized gain or loss on the sale?

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