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Noor bought a 4-unit apartment building in July 2012 for $360,000 and sold it for...

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Accounting

Noor bought a 4-unit apartment building in July 2012 for $360,000 and sold it for $480,000 in 2021. There was $96,541 of accumulated straight-line depreciation on the apartment building. Assuming that Noor is in the 33% tax bracket, how much of the gain is taxed at 25%?

Multiple Choice

$216,541.

$120,000.

$0.

$96,541.

Answer & Explanation Solved by verified expert
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