Mitch, an NRA, Sells a Building in Omaha for $1

question 64

Multiple Choice

Mitch, an NRA, sells a building in Omaha for $1 million. His basis in the building is zero for both regular tax and AMT purposes. Mitch has no other contact with the U.S. other than the ownership of the building. How much Federal income tax is due from Mitch on the sale?

• A)$0, he is an NRA.
• B)The amount realized times the top individual tax rate.
• C)The net gain times the top capital gains tax rate.
• D)The net gain taxed at the lesser of the applicable regular or AMT rates.

---

Definitions:

Financial Stressors

Events or conditions that cause financial insecurity or difficulties, leading to stress and potentially impacting mental and physical health.

Social Worker

A professional dedicated to helping people address and overcome challenges in their personal, social, and health lives.

Patient Consult

An interaction between a patient and healthcare professional to discuss diagnosis, treatment options, and health advice.

Primary Care

The first point of continuous healthcare for patients, addressing most health needs and coordinating further specialist care when necessary.