Noor bought a 4-unit apartment building in July 2012 for $360,000 and sold it for...
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Accounting
Noor bought a 4-unit apartment building in July 2012 for $360,000 and sold it for $480,000 in 2021. There was $96,541 of accumulated straight-line depreciation on the apartment building. Assuming that Noor is in the 33% tax bracket, how much of the gain is taxed at 25%?
Multiple Choice
$216,541.
$120,000.
$0.
$96,541.
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