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Sara purchased the following assets during the year. Asset Cost Equipment (7 year property) 150,000 Computers (5 year property) 13,000 Land 1,500,000 Warehouse 7,500,000 Office

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Sara purchased the following assets during the year. Asset Cost Equipment (7 year property) 150,000 Computers (5 year property) 13,000 Land 1,500,000 Warehouse 7,500,000 Office Furn. (7 year property) 20,000 Date Purchased 3/1/17 7/9/17 10/20/17 10/20/17 11/29/17 The land, warehouse and office furniture are sold on June 17, 2019. The purchase price was allocated as follows: $1,600,000 to the land, $7,800,000 to the warehouse and so to the office furniture. What is the tax liability associated with this transaction? (The taxpayer's marginal tax rate is 37%; any L/T gain should be taxed at 20%) A. $160,128 B. $158,029. C. $156,245 D. $80,000 E. $148,000

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