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Capital Gains and Losses, Section 1245 Recapture Rule, Unrecaptured Section 1250 Gain (LO. 4, 8, 9) Anton purchases a building on May 4, 2001, at

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Capital Gains and Losses, Section 1245 Recapture Rule, Unrecaptured Section 1250 Gain (LO. 4, 8, 9) Anton purchases a building on May 4, 2001, at a cost of $390,000. The land is properly allocated $30,000 of the cost. Anton sells the building on October 18, 2019, for $390,000. Assume that the building is an apartment building held for investment. In addition to the sale of the building, Anton has the following capital gains and losses during 2019: Short-term capital loss $4,500 Collectibles gain 6,600 Long-term capital gain 14,300 Long-term capital loss carryover from 2018 6,000 Anton is single and has a taxable income of $159,000 without considering his capital gains and losses. Assume the accumulated depreciation at the time of the sale is $227,990. If required, round any computations to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. Anton has a net long-term capital gain of $ X will be taxed at 25% and $ . When computing his total income tax liability $| will be taxed at 15%, $ will be taxed at the regular income tax rates. Therefore, his total tax liability is $|

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