Author Question: Emily, whose tax rate is 28%, owns an office building which she purchased for $900,000 on March 18 ... (Read 15 times)

luminitza · **on:** Sep 13, 2020

Emily, whose tax rate is 28%, owns an office building which she purchased for $900,000 on March 18 of last year. The building is sold for $950,000 on February 20 of this year when the adjusted basis of the building was $876,000. The tax results to Emily are
◦ $74,000 1231 gain taxed at 15%.
◦ $74,000 ordinary income taxed at 28%.
◦ $24,000 1250 unrecaptured gain taxed at 25% and $50,000 1231 gain taxed at 15%.
◦ $24,000 1231 gain taxed at 15% and $50,000 ordinary income taxed at 28%.

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

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