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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 62
Shannon bought an apartment building in July 2004 for $360,000 and sold it for $480,000 in 2010. There was $77,994 of accumulated depreciation allowed on the apartment building. Assuming that Shannon is in the 33% tax bracket, how much of her gain is taxed at 25%? a. $0.
B) $42,006.
C) $77,994.
D) $120,000.
B) $42,006.
C) $77,994.
D) $120,000.
Explanation
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Every earner pays a tax on the income ge...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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