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Question: Mr. and Mrs. Scoler sold commercial real estate for $685,000. Their adjusted basis at date of sale was $544,700 ($596,600 cost - $51,900 straight-line accumulated depreciation). Compute the Scolers' income tax and Medicare contribution tax on their recognized gain assuming that this sale was their only property disposition this year, and their marginal income tax rate on ordinary income is 39.6 percent. Assume the taxable year is 2016. (Round your final answers to the nearest whole dollar amount.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92681396

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