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during the tax year Julius sold an office building that he had owned and rented to...

during the tax year Julius sold an office building that he had owned and rented to the same tenant for 15 years. The building had been depreciated using regular MACRS. Julius 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?

a. Part l, §1231
b. Part ll, § 1231
c. Part lll, §1245
d. Part lll, §1250
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Answer #1

The correct answer is

d) Part III, 1250

The building is held for more than 1 year and it is sold at a gainSo instructions to Form 4797 clearly state that in case of Holding period more than 1 year and sale at gain, the entry should be made in Part III,Also, Section 1245 EXCLUDES land and building. So Section 1250 is correct.

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