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At the beginning of 2018, a company (which is a partnership with 4 equal partners) had a building on its books at $192,000, the accumulated
At the beginning of 2018, a company (which is a partnership with 4 equal partners) had a building on its books at $192,000, the accumulated depreciation was $14,400. The building was sold on November 1, 2018. Assuming the building is depreciated over 40 years, how much tax would each individual be subject to on the sale of the building if the building was sold for $600,000?
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