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Spencer is a single individual with a marginal tax rate of 35% who used a...

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Accounting

Spencer is a single individual with a marginal tax rate of 35% who used a warehouse in his sole proprietorship. He purchased the warehouse several years ago for $200,000, and has claimed $50,000 of MACRS (straight line) depreciation on the warehouse through 2024. In October 2024, Spencer sold the warehouse for $300,000. This is Spencers only Section 1231 or capital transaction in 2024, and he has no Section 1231lookback losses from prior years. Compute Spencers additional tax due as a result of this sale.

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