The Asset is held for more than a year, so it will be taxed under long-term capital gain rates. Cost Basis $ 383,500.00 Less: Accumulated Depreciation $ (68,436.00) Adjusted Basis $ 315,064.00 Selling Price $ 475,000.00.
A tax is a compulsory commercial enterprise charge or some other type of levy inflicted on a taxpayer (an individual or legal entity) by a polity organization in order to fund government spending and various public expenditures (regional, local, or national) Taxes consist of direct or indirect taxes and may be paid off in money or as its labor knowledge.
The asset is held for more than a year, so it will be taxed under long-term capital gain rates. Cost Basis $ 383,500.00 Less: Accumulated Depreciation $ (68,436.00) Adjusted Basis $ 315,064.00 Selling Price $ 475,000.00.
Therefore, The Asset is held for more than a year, so it will be taxed under long-term capital gain rates
Learn more about tax here:
https://brainly.com/question/16423331
#SPJ1
