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Please give a detailed explanation Albert is the owner of Pavilion Construction...

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Accounting

Please give a detailed explanation

Albert is the owner of Pavilion Construction Company, operated as a sole proprietorship. In 2022, Albert sold the following business assets: Asset Original Cost Tax Depreciation Amount Realized on Sale Construction Crane $ 150,000 $ 70,000 $ 165,000 Warehouse 1,250,000 300,000 2,000,000 Albert had no other dispositions during the year, of either business or personal use assets. Assuming Alberts tax rate is 37% on ordinary income and 20% on net capital gains *, please determine his tax liability associated with the above two dispositions. * (Net Capital Gain refers to the portion of net long-term capital gains taxed at the preferential rates of 0/15/25%).

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