Section 1231 Gains and Losses, Depreciation Recapture (LO 8.7, 8.8) ...
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Accounting
Section 1231 Gains and Losses, Depreciation Recapture (LO 8.7, 8.8)
William sold Section 1245 property for $26,000 in 2022. The property cost $40,000 when it was purchased 5 years ago. The depreciation claimed on the property was $22,000. If an amount is zero, enter "0".
Calculate the amount of ordinary income under Section 1245.
Can someone help me with these? Im stuck here. Plus an explanation step by step.
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