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Given the Following Information, Calculate the Taxes Due on Sale

Question 7

Multiple Choice

Given the following information, calculate the taxes due on sale for the following fully taxable sale. Net Sale Proceeds: $1,500,000, Adjustable Basis: $830,000, Depreciation Recapture: $150,000, Capital Gain Tax: 15%, Depreciation Recapture tax: 25%.


A) $37,500
B) $78,000
C) $100,500
D) $115,500

Correct Answer:

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