Shannon bought an apartment building in July 2012 for $360,000 and sold it for $480,000 in 2018.
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Shannon bought an apartment building in July 2012 for $360,000 and sold it for $480,000 in 2018. There was $77,994 of accumulated depreciation allowed on the apartment building. Assuming that Shannon is in the 35% 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 2019
ISBN: 9781260158670
12th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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