Question: Carlos bought a building for $113,000 in 2011. He added an addition to the building for $26,000. In 2015, he sold it for $212,000. What was his long-term capital gain? a. $212,000 b. $73,000 c. $47,000 d. $0 e. $99,000
Question: Carlos bought a building for $113,000 in 2011. He added an addition to the building for $26,000. In 2015, he sold it for $212,000. What was his long-term capital gain? a. $212,000 b. $73,000 c. $47,000 d. $0 e. $99,000
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 32P
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Transcribed Image Text:Question:
Carlos bought a building for $113,000 in 2011. He added
an addition to the building for $26,000. In 2015, he sold
it for $212,000. What was his long-term capital gain?
a. $212,000
b. $73,000
c. $47,000
d. $0
e. $99,000
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