Business, 07.04.2020 00:37 kenariachrista

Firm P, a noncorporate taxpayer, purchased residential realty in 1985 for $1 million. This year it sold the realty for $450,000. Through date of sale, Firm P deducted $814,000 accelerated depreciation on the realty. Straight-line depreciation would have been $625,000.a. Determine the amount and character of Firm P’s recognized gain on sale. b. How would your answer change if Firm P was a corporation?

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Firm P, a noncorporate taxpayer, purchased residential realty in 1985 for $1 million. This year it s...