10 Nov William sold Section 1245 property for $25,000 in
William sold Section 1245 property for $25,000 in 2010. The property cost $35,000 when it was purchased 5 years ago. The depreciation claimed on the property was $16,000. a. Calculate the adjusted basis of the property. b. Calculate the recomputed basis of the property. c. Calculate the amount of ordinary income under Section 1245. d. Calculate the Section 1231 gain.
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