Solved

Otis Bought a 2-Unit Apartment Building in July 2010 for $330,000

Question 92

Multiple Choice

Otis bought a 2-unit apartment building in July 2010 for $330,000 and sold it for $400,000 on December 20,2017.At the time of sale there was $83,493 of accumulated straight-line depreciation on the apartment building.Assuming Otis is in the 33% tax bracket,how much of the gain will be taxed at 25%?


A) $0.
B) $70,000.
C) $83,493.
D) $153,493.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions