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An apartment building was acquired several years ago by an individual tax-payer. The depreciation taken on the building was $123,000, and the building was sold for a $34,000 gain. What is the maximum amount
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An apartment building was acquired several years ago by an individual tax-payer. The depreciation taken on the building was $123,000, and the building was sold for a $34,000 gain. What is the maximum amount of 25% gain

User George Thomas
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2 votes

Answer:

The seller's maximum gain was $34,000.

Step-by-step explanation:

After considering depreciation on the the building, it was still sold with a profit of $34,000. Also, the gain on the sale of the building is actually lesser than the amount of accumulated depreciation. Hence, the conclusion is that the seller's maximum gain was $34,000.

User James Ward
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