Harry sells an apartment building for $117,000. The building was held as an investment, it cost $95,000 and had an basis of $83,000 at the date of the sale. If Harry is in the 32% marginal tax rate bracket without considering the effect of the sale, how much tax is paid on the gain on the sale of the apartment building?

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The Answer of Harry sells an apartment building for $117,000. The building was held as an investment, it cost $95,000 and had an basis of $83,000 at the date of the sale. If Harry is in the 32% marginal tax rate bracket without considering the effect of the sale, how much tax is paid on the gain on the sale of the apartment building?

Harry Sells an Apartment Building for $117,000