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On December 31,2023, John sold an apartment building for $243,500. He had purchased the building...

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Accounting

On December 31,2023, John sold an apartment building for $243,500. He had purchased the building several years ago for $192,500. The depreciation deducted as of December 31,2022, was $49,000. In2023, the depreciation deducted was $7,000. Under an accelerated method, total depreciation would include $27,000 of excess depreciation. What amount may John treat as a Sec. 1231 gain?

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