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Zehra acquired an apartment building 15 years ago for $150,000 and sold it for $410,000 in the current year. At the time of the sale,
Zehra acquired an apartment building 15 years ago for $150,000 and sold it for $410,000 in the current year. At the time of the sale, there is $65,000 of accumulated straight-line depreciation on the apartment building. Assuming Zehra is in the 32 percent tax bracket for ordinary income, how much of her gain is taxed at 15 percent? a. $65,000 b. None c. $325,000 d. $260,000
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