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Your client, Mr. I. M. Rich, has a condo in Ocean City that he wants to sell.  He has used the property as a rental and has never used the condo personally. Mr. Rich bought the condo nine years ago for $300,000.  He has taken $100,000 in depreciation deductions, using the straight line method of depreciation. The current fair market value of the property is $500,000. 


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