Lemon Corporation Assignment | College Homework Help

4. Lemon Corporation purchased a building in 1980 for $900,000. During 2018, the building was sold for $700,000 when the accumulated depreciation was $600,000 (SL would have been $440,000). What is the amount and character of gain recognized on the sale? Ordinary Income Sec. 1231 a. $248,000 $152,000 b. $160,000 $240,000 c. $400,000 0 d. $208,000 $192,000 e. None of the above.