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Augustus1 Augustus1
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Posts: 1894
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7 years ago
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)?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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7 years ago
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Augustus1 Author
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7 years ago
You're a saint, honestly

Thank you
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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