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A single taxpayer sold a rental condo for $200,000 that had an adjusted basis of $130,000. The condo originally cost $160,000 many years ago. The
A single taxpayer sold a rental condo for $200,000 that had an adjusted basis of $130,000. The condo originally cost $160,000 many years ago. The taxpayer has $320,000 of ordinary income before considering this gain and has no prior unrecaptured 1231 losses. What is the amount of tax on the gain? 10,500 13,500 16,500 24,500
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