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marcgotbox
30.04.2021 • 
Business

15. Kuong Inc. sold a commercial office building used in the corporate business for $1.5 million. Kuong purchased the building in 2000 for a cost of $1.4 million and had deducted $538,000 MACRS depreciation through date of sale. Kuong should characterize the $638,000 gain recognized on sale as: Group of answer choices $127,600 ordinary gain and $510,400 Section 1231 gain $107,600 ordinary gain and $530,400 Section 1231 gain Section 1231 gain $538,000 ordinary gain and $100,000 Section 1231 gain

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