Heron Company purchases commercial realty on November 13, 2002, for $650,000. Straight-line depreciation of $287,492 is claimed before the property is sold on February 22, 2020, for $850,000.
What are the tax consequences of the sale of realty if Heron is (a) a C corporation and (b) a sole proprietorship?
a. If Heron is a C corporation, what is the amount of each type of gain recognized?
If an amount is zero, enter "0". Round your answers to the nearest dollar.
Character of Gain Ordinary income under § 1245 $fill in the blank ba02540cbfe6fb7_1
Ordinary income under § 1250 $fill in the blank ba02540cbfe6fb7_2
Ordinary income under § 291 fill in the blank ba02540cbfe6fb7_3
§ 1231 gain fill in the blank ba02540cbfe6fb7_4
Total recognized gain $fill in the blank ba02540cbfe6fb7_5
