Ryan owns an apartment building. Real estate prices in the area have been rising and...
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Ryan owns an apartment building. Real estate prices in the area have been rising and he thinks he could make a profit by selling the building. He originally purchased the building for $1.2M and took depreciation deductions of $700,000. Straight-line depreciation would have been $500,000. What are the tax consequences if he sells the building for $3.5M?
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