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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 44P

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Hi expert please give me answer general accounting

ABC Corp sells a commercial property with the following details:
⚫ Adjusted Tax Basis: $400,000
Sale Price: $800,000
Original Purchase Price: $900,000
Depreciation Claimed: $500,000
ABC Corp takes back a note for the full sale price.
What is ABC Corp's gross profit percentage?
a) 40%
b) 50%
c) 60%
d) 70%

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