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Bay Corporation, whose tax rate is 21%, sells an apartment complex for $4.3 million with 10% of the price allocated to land. The apartment

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Bay Corporation, whose tax rate is 21%, sells an apartment complex for $4.3 million with 10% of the price allocated to land. The apartment complex was purchased in 1996. Bay Corporation has no other sales or exchanges during the year and no nonrecaptured net Sec. 1231 losses. Information about the assets at the time of sale is: (Click the icon to view the information about the assets.) Read the requirements.

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