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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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