Question $17$

$1$ points

Given an asset that has a cost basis of $$300,000$ and was sold for $$350,000.$ The book value for the asset at the time of sale was $$150,000.$

Assume that the capital gain tax rate is $40\%$ while the ordinary gain tax rate is $20\%.$ What are the net proceeds from this sale?

$$300,000$

$$310,000$

None of the other answers

$$270,000$