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on April 4,2008, Kevin Knudson purchased land and an office bilding for $375000 for use is his sole proprietorship.
on April 4,2008, Kevin Knudson purchased land and an office bilding for $375000 for use is his sole proprietorship. The land was properly allocated $50000 of the purchase price and the building was allocated $325000 of the purchase price. Knudson depreciated the office building using MACRS. on May 1 2012 when Knudson's land and office building for land and an office building owned by Nelson Corporation.Nelson's land was valued at 50000 amd ots building was valued at 250000. To balance the transaction, Nelson paide Knudson $100000. What is the amount and character of Knudson's gain or loss on the sales of building? what is Knudosn's basis in his new land building?
