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Albert is the owner of Pavilion Construction Company, operated as a sole proprietorship. In 2022, Albert sold the following business assets: Asset Original Cost Tax
Albert is the owner of Pavilion Construction Company, operated as a sole proprietorship. In 2022, Albert sold the following business assets: Asset Original Cost Tax Depreciation Amount Realized on Sale Construction Crane $ 165,000 Warehouse 300,000 $ 150.000 $ 70,000 1,250,000 2,000,000 Albert had no other dispositions during the year, of either business or personal use assets. Assuming Albert's tax rate is 37% on ordinary income and 20% on "net capital gains" * please determine his tax liability associated
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