Question
Joe's commercial building was bought in 2009 for $200,000. He sells it in year 2020 for $225,000. He took total depreciation over the period of
Joe's commercial building was bought in 2009 for $200,000. He sells it in year 2020 for $225,000. He took total depreciation over the period of $40,000. Joe's taxable income (include the sale of commercial building) to be $175,000. What's the tax for the sale of building?
- None of the above
- $9,750
- $13,000
- $16,250
- $13,750
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Financial Accounting An Introduction
Authors: Pauline Weetman
7th Edition
1292086696, 978-1292086699
