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Gonzales Company purchases commercial realty on November 13, 2001, for $650,00. Straight line depreciation of...

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Accounting

Gonzales Company purchases commercial realty on November 13, 2001, for $650,00. Straight line depreciation of $287,492 is claimed before the property is sold on February 22, 2019 for $850,000. What are the tax consequences of the sale of realty if Gonzales Company is:

a. A C corporation? Please explain.

b. A sole proprietorship? Please explain.

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