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12A-15 An investor bought investment property at the beach for $35,000 per acre. Twenty years...

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Accounting

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12A-15 An investor bought investment property at the beach for $35,000 per acre. Twenty years later she sold the 100-acre lot to a developer for a profit, and paid $1.05 million in taxes as a result of the sale. If capital gains are taxed at 15% and her marginal tax bracket is 35%, what was the price paid by the developer for the lot

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