In April 2002, Tom Thumb purchased an apartment building for $2,050,000. He depreciated the building...
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Accounting
In April 2002, Tom Thumb purchased an apartment building for $2,050,000. He depreciated the building using MACRS and claimed a total of $1,022,307 in depreciation before selling the building on December 31, 2020 for $2,485,000. What is the recognized gain and how will it be taxed?
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