Franco converted a building from personal to business use in May 2013 when the fair...
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Accounting
Franco converted a building from personal to business use in May 2013 when the fair market value was $55,000. He purchased the building in July 2010 for $80,000. On December 15 of this year, Franco sells the building for $40,000. On the date of the sale, the accumulated depreciation on the building was $5,565. What is Francos recognized gain or loss on the sale?
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