(TCO D,E) Zeke, a wealthy farmer, constructed a barn in March


Question Description:

24.99

(TCO D,E) Zeke, a wealthy farmer, constructed a barn in March 1986 for $10,000. He claimed $6,500 of accelerated depreciation while straight line depreciation would have been only $5,600. He sells the barn for $8,900. If he had no other Section 1231 transactions, what gain would be recognized from this sale? Include both the amount and nature of the gain.

Answer

24.99