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You purchased a warehouse 4 years ago for $500,000. You used straight-line depreciation over this period (39 years), and 80% of the purchase price was
You purchased a warehouse 4 years ago for $500,000. You used straight-line depreciation over this period (39 years), and 80% of the purchase price was depreciable. You just sold the building for a total of $550,000 from which came 5% in selling costs. Assuming a 15% tax rate on long-term capital gains, what will you pay for long-term capital gains? (DO NOT enter any symbols or commas. Round to the nearest dollar)
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