Margot bought a small residential rental building 15 years ago for $150,000. In the current year, she sold it for $400,000. She had taken $55,000 of straight-line depreciation. Margot is in the 35 percent bracket for ordinary taxable income. How is her gain on this sale taxed.

Answer rating: 100% (QA)

Tax Calculation Margots gain on the sale will be taxed at the applicable capital gains tax rate Sinc... View the full answer