Multiple Choice
Kevin owns a rental apartment building that he purchased several years ago for $100,000. He has claimed accumulated depreciation of $60,000 on this building. In 2018 he sells the building for $110,000. If Kevin is in the 32% marginal tax bracket and has no other property transactions this year, what tax rate or rates apply to his gain from the sale of this building?
A) 32% and 25%
B) 32% and 15%
C) 25% and 15%
D) 15% only
Correct Answer:
Verified
Correct Answer:
Verified
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