Question

In 2017, Skylar sold an apartment building for $20,000 cash and a $300,000 note due in two years. Skylar’s cost of the property was $250,000, and he had deducted depreciation of $150,000, $60,000 of which was in excess of what the straight-line amount would have been.Do not round intermediate computations. Round your final answers to the nearest dollar.Under the installment sales method, Skylar's total realized gain is $___. In 2017, he recognizes § 1250 gain of $______ and § 1231 gain of $______.

Answer 1

In 2017, Skylar sold an apartment building for $20,000 cash and a $300,000 note due in two years. Skylar’s cost of the property was $250,000, and he had deducted depreciation of $150,000, $60,000 of which was in excess of what the straight-line amount would have been.Do not round intermediate computations. Round your final answers to the nearest dollar.Under the installment sales method, Skylar's total realized gain is $220,000. In 2017, he recognizes § 1250 gain of $10,000 and § 1231 gain of $10,000.

Property is any object that a person or a commercial enterprise has felony identify over. assets can be tangible items, along with homes, automobiles, or appliances, or it may seek advice from intangible items that convey the promise of future worth, inclusive of inventory and bond certificates.

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