James recently sold his rental property for $470,000. He purchased the property 11 years ago for $310,000.

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James recently sold his rental property for $470,000. He purchased the property 11 years ago for $310,000. James preapred his own tax returns and claimed CCA on the building each year reducing his taxable income. The total amount of CCA claimed was $84,000. What is the total taxable income James will report on his tax rerturn for the sale of his rental property? Question content area bottom Part 1 A. $244,000 B. $84,000 C. $160,000 D. $164,000

Posted Date: May 18, 2024 11:17 PM

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James recently sold his rental property for $470,000. He purchased the property 11 years ago for $310,000.

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