Brian owns a gym called Apex Fitness. During the past year, Brian sold his facility to purchase a larger building with a parking lot. He received sales proceeds of $145,000 from the buyer. He paid a sales commission to his broker of $7,200. The building's book value was $89,500. What is the gain or loss on the sale of the facility? A. $48,300 gain B. $55,500 gain C. $41,200 gain D. $39,700 gain

Brian owns a gym called Apex Fitness. During the past year, Brian sold his facility to purchase a larger building with a parking lot. He received sales proceeds of $145,000 from the buyer. He paid a sales commission to his broker of $7,200. The building's book value was $89,500. What is the gain or loss on the sale of the facility? A. $48,300 gain B. $55,500 gain C. $41,200 gain D. $39,700 gain

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 24P

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