Several years ago, Geneva purchased an office building for $1,000,000. She sold the building this year for
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Several years ago, Geneva purchased an office building for $1,000,000. She sold the building this year for $1,250,000. Accumulated depreciation on the building totaled $965,000 at the date of sale. Assume Geneva’s total income is such that her long-term capital gains rate is 20%. How much tax will she owe in connection with sale of the building?
Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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