Brigham is single and is in the 33% marginal income tax bracket. He has the sales or
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a. Sells equipment used in his trade or business for $40,000. The equipment was purchased for $100,000 and depreciation allowed amounts to $72,000.
b. Sells land used in his trade or business for $80,000. The land was purchased four years ago for $61,000.
c. He sells a building used in his trade or business for $163,000. The building was purchased in 1988 for $250,000 and depreciation allowed amounts to $110,000.
d. Same as Part c except he sells the building for $127,000.
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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