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Title: Julie sells her manufacturing plant and land originally purchased in 1975. Excess accelerated ... Post by: Augustus1 on Jan 10, 2017 Julie sells her manufacturing plant and land originally purchased in 1975. Excess accelerated depreciation of $400,000 had been taken on the building. Julie is in the 35% marginal tax bracket. Other information is as follows:
Property Original cost Total depreciation Adjusted basis Selling price Plant $2,800,000 $2,500,000 $0 $1,000,000 Land $ 500,000 $500,000 $800,000 What are the tax consequences of the sale (type of gain; rates at which taxed)? Title: Re: Julie sells her manufacturing plant and land originally purchased in 1975. Excess accelerated ... Post by: MsLippy on Jan 10, 2017 Content hidden
Title: Re: Julie sells her manufacturing plant and land originally purchased in 1975. Excess accelerated ... Post by: Augustus1 on Mar 19, 2017 You're a saint, honestly
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