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Mike Jones purchased an apartment building on August 15, 2012 for $200,000. On December 31,...

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Accounting

Mike Jones purchased an apartment building on August 15, 2012 for $200,000. On December 31, 2018, (use full year of depreciation for 2018) the building was sold for $220,000. On his 2018 tax return, Mike should report which of the following:

Group of answer choices

Section 1231 gain of $20,000 and ordinary income of $30,000

Section 1231 gain of $20,000 and ordinary income of $46,360

Ordinary income of $66,360

Section 1231 gain of $66,360

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