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Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two years. THe Federal tax rate was 6% note for $220,000 due in two years.The Federal rate was 6%,Albert's bais in the building was 180,000 (500,000 cost - 320,000 accumulated straight line depreciation). Assuming he did not elect out of the installment method. Albert's 1231 gain and gain taxed at the 25% rate in the year of sale are what amouts?

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Category:- Accounting Basics
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