Jacob owned an office building that he held for five years and depreciated using regular...
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Accounting
Jacob owned an office building that he held for five years and depreciated using regular MACRS. He sold the building at a gain. On which part of Form 4797 is the sale of the building reported, and what IRC section determines the type of gain?
Part I; 1231.
Part II; 1231.
Part III; 1245.
Part III; 1250.
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