William sold Section 1245 property for $25,000 in 2010

William sold Section 1245 property for $25,000 in 2010

William sold Section 1245 property for $25,000 in 2010. Theproperty cost $35,000 when it was purchased 5 years ago. Thedepreciation claimed on the property was $16,000.a. Calculate the adjusted basis of the property.b. Calculate the recomputed basis of the property.c. Calculate the amount of ordinary income under Section1245.? d. Calculate the Section 1231 gain.


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