In 2015 T sells Property A and Property B (both Sec 1245 property). T makes...
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In 2015 T sells Property A and Property B (both Sec 1245 property). T makes a profit on A and a loss on Property B. Property A Selling Price : $20,000 Basis before Depreciation $10,000, Depreciation claimed through current year $2,000. Property B Selling Price: $3,000, Basis before Depreciation $5,000, Depreciation claimed through current year, $1,000 T has had the following Sec 1231 (losses) gains in the last 5 years: Year Amount 2010 (1,500) 2011 $500 2012 ($3,000) 2013 -0- 2014 $0
What is A Section 1231 gain? What is B Section 1231 gain? How are the amounts taxed?
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