Kelly purchased a block of land in January 2012 for $150,000. She sells the land in August
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Question:
Kelly purchased a block of land in January 2012 for $150,000. She sells the land in August 2019 for $1,000,000. Although some of the increase in land value is a result of capital gain, Council valuations issued for each year suggest that at least 20% of the increase in value arises from zoning changes made to the district plan in 2018. The Taxable Income that arises for Kelly from the sale of the land is:
Select one:
a.$475,000
b.$170,000
c.$325,000
d.$850,000
Posted Date: