Hank owns a gym called ultimate fitness. during the past year, hank sold his facility to purchase a larger building with a parking lot. he received sales proceeds of $125,000 from the buyer. he paid a sales commission to his broker of $6,500. the building had an original cost of $105,500 and had accumulated depreciation for tax purposes of $15,825. what is hank's realized gain or loss on the sale? gain of $118,5

$28,825 gain

Explanation:

For computing the gain or loss, first, we have to determine the  book value of an asset   which is shown below:

= Original value of the building - accumulated depreciation  

= $105,500 - $15,825

= $89,675

So, the gain would be

= Sale value - sales commission - book value

= $125,000 - $6,500 - $89,675

= $28,825 gain

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