Peter, a single taxpayer, bought a house to use as a rental property on April 1, 2007, for $300,000. He moved into the house on June 1, 2013, and used it as his personal residence until August 1, 2014, when he sold it for $500,000. Depreciation taken while the property was used as a rental property was $25,000. What was Peter’s
a) realized gain on the sale of the property?
b) recognized gain on the sale of the property?
c) recognized gain on the sale of the property if it is not sold until August 1, 2015, for $500,000?
This question was asked on Jul 20, 2016 and answered on Jul 20, 2016 for the course ACCT 323 at Maryland.
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