Jeanie acquires an apartment building in 2003 for 26000 and, Ask an Expert

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Jeanie acquires an apartment building in 2003 for $260,00 and sells it for $500,000 in 2014. At the time of sale, there is $78,000 of accumulated straight-line depreciation on the apartment building. Assuming Jeanie is in the highest tax bracket for ordinary income and the Medicare surtax applies, how much of her gain is taxed at 28.8%?

A. None

B. $240,00

C. $318,000

D. $162,000

E. $78,000

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91543378

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