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Question: Walt Hubble is contemplating selling rental property that originally cost $200,000. He believes that it has appreciated in value at an annual rate of 6% over its 4-year holding period. He will have to pay a commission equal to 5% of the sale price to sell the property. Currently, the property has a book value of $137,000. The mortgage balance outstanding at the time of sale currently is $155,000. Walt will have to pay a 15% tax on any capital gains and a 25% tax on recaptured depreciation.
a. Calculate the tax payable on the proposed sale.
b. Calculate the after-tax net proceeds associated with the proposed sale, CFR.
Write a memo identifying the legal ISSUE(s), conclusion, list of relevant authorities, discussion of the law, and the application of the law. Use these subheadings, as it is not enough to describe the law. For each CASE discuss and apply at least ..
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