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Mario files jointly with his wife. They are in the 32% tax bracket and have taxable income of $400,000. During the current year, they sold
Mario files jointly with his wife. They are in the 32% tax bracket and have taxable income of $400,000. During the current year, they sold a parking garage and some business equipment. Please fill in the blanks to help them determine the tax consequences. There may be two character types involved for a single asset. If that is the case, you need to insert a dollar amount for each character type. Asset Selling Price Original Cost Depreciation Taken Gain/Loss Character(s) and Code Section(s) Tax Rate(s) Parking Garage 990,000 1,200,000 200,000 Business Equipment 90,000 78,000 30,000
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