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On June 1, 2019, Skylark Enterprises, a calendar year LLC reporting as a sole proprietorship,...

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Accounting

On June 1, 2019, Skylark Enterprises, a calendar year LLC reporting as a sole proprietorship, acquired a retail store building for $500,000 (with $100,000 being allocated to the land). The store building was 39-year real property, and the straight-line cost recovery method was used. The property was sold on June 21, 2023, for $385,000.

A. Compute the cost recovery and adjusted basis for the building.

B. What are the amount and nature of Skylarks gain or loss from disposition of the property?

C. What amount, if any, of the gain is unrecaptured 1250 gain?

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