Author Question: Julie sells her manufacturing plant and land originally purchased in 1980. Accelerated depreciation ... (Read 37 times)

vinney12 · **on:** Sep 13, 2020

Julie sells her manufacturing plant and land originally purchased in 1980. Accelerated depreciation had been taken on the building, but the building is now fully depreciated. Julie is in the 39.6% marginal tax bracket. Other information is as follows:

She has not sold any other assets this year. A review of her file indicates that the only asset dispositions in the past five years was a truck sold for a $10,000 loss last year. What are the tax consequences of the sale (type of gain; rates at which taxed)?

jxjsniuniu · **Reply #1 on:** Sep 13, 2020

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