Franco converted a building from personal to business use in May 2019 when the fair...
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Franco converted a building from personal to business use in May 2019 when the fair market value was $55,000. He purchased the building in July 2016 for $80,000. On December 15 of this year, Franco sells the building for $40,000. On the date of sale, the accumulated depreciation on the building is $5,565. What is Franco's recognized gain or loss on the sale?
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