CBM Inc. realized a $429,000 gain on sale of a commercial office building that the corporation placed in service in 1994. Accumulated MACRS depreciation on the complex was $311,800. The entire gain is characterized as Section 1231 gain.
Answer the following statement true (T) or false (F)
False
CBM must recapture $62,360 ($311,800 × 20%) as ordinary income.
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