Shannon bought an apartment building in July 2011for $360,000 and sold it for $480,000 in 2017. There
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Shannon bought an apartment building in July 2011for $360,000 and sold it for $480,000 in 2017. There was $77,994 of accumulated depreciation allowed on the apartment building. Assuming that Shannon is in the 33% tax bracket, how much of her gain is taxed at 25%?
a. $0.
b. $42,006.
c. $77,994.
d. $120,000.
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Related Book For
Fundamentals Of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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