Sally acquired an apartment building in 1998 for $150,000 and sold it for $400,000 in...
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Accounting
Sally acquired an apartment building in 1998 for $150,000 and sold it for $400,000 in 2013. At the time of the sale, there is $55,000 of accumulated straight-line depreciation on the apartment building. Assuming Sally is in the 35 percent tax bracket for ordinary income, how much of her gain is taxed at 15 percent?
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