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88. Sally acquired an apartment building 15 years ago for $150,000 and sold it for $410,000 in the current year. At the time ofthe sale,
88. Sally acquired an apartment building 15 years ago for $150,000 and sold it for $410,000 in the current year. At the time ofthe sale, there is $65,000 of accumulated straight-line depreciation on the apartment building. Assuming Sally is in the 32 percent tax bracket for ordinary income, how much of her gain is taxed at 15 percent? a. None b. $65,000 c. $260,000 d. $325,000 e. $345,000 ANSWER: c Please explain
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