Otis Bought a 2-Unit Apartment Building in July 2009 for $330,000

question 5

Multiple Choice

Otis bought a 2-unit apartment building in July 2009 for $330,000 and sold it for $400,000 on December 20,2016.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)$153,493.
• B)$83,493.
• C)$70,000.
• D)$0.

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A set of guidelines designed to outline the acceptable behaviors and decision-making practices for professionals within a specific domain.

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