Adams Inc. purchased furniture (7-year property) on August 5…

Adams Inc. purchased furniture (7-year property) on August 5, 2020 with a basis of $300,000 and used the mid-quarter convention. On April 18, 2024 (the fifth year) Adams disposed of the property. Calculate the maximum depreciation expense for 2024 (ignore §179 and bonus depreciation).Mid-Quarter Convention Quarter 1 Year 5 7-year 8.75%. Mid-Quarter Convention Quarter 2 Year 5: 7-year 8.87%. Mid-Quarter Convention Quarter 3 Year 5: 7-year 9.30%. Mid-Quarter Convention Quarter 4 Year 5: 7-year 10.04%

Harrison Corporation sold a warehouse in 2024. The warehouse…

Harrison Corporation sold a warehouse in 2024. The warehouse was purchased in 2006. Harrison Corporation’s record reflect the following information: Cost $ 920,000 Accumulated depreciation   640,000 Selling price   980,000 What is the amount and character of Harrison Corporation’s gain or loss recognized?