Vladmir owned a duplex that he rented to tenants. He acquired the property several years ago for $296,000. He used the straight-line method of cost recovery, which totaled $75,000. Vladmir, who is in the 32% marginal income tax bracket, sold the property in February of the current year for $330,000. 

What is the amount and nature of the gain on the sale? 

Answer rating: 100% (QA)

Calculating Vladmirs Gain on Sale of Duplex 1 Adjusted Basis Original cost 296000 Cost recover... View the full answer