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Julius sold at a gain an office building he had owned and rented to a...

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Accounting

Julius sold at a gain an office building he had owned and rented to a sole tenant for 15 years and depreciated using regular MACRS. On which part of Form 4797 is the sale of the building reported and what IRC section determines the type of gain? Part II, 1231. Part III, 1250. Part I, 1231. Part III, 1245

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