Otis Bought a 2-Unit Apartment Building in July 2007 for $330,000

question 77

Multiple Choice

Otis bought a 2-unit apartment building in July 2007 for $330,000 and sold it for $400,000 on December 20,2014.At the time of sale there was $83,493 of accumulated straight-line depreciation on the apartment building.Assuming Otis is in the 33% tax bracket,how much of the gain will be taxed at 25%?

• A) $0.
• B) $70,000.
• C) $83,493.
• D) $153,493.

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