Investors in the jmj group purchased hotel resort in april, Business Economics

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Investors in the jmj group purchased hotel resort in april

Investors in the JMJ Group purchased hotel resort in April. The group paid $25M for the building and the land. The land was appraised $5M. The group sold the resort 3 years later in August for $30M. The land was appraised then at $10M. If the income tax rate is 40% and the capital gains tax rate is 25%, how much extra tax is owed, if any, upon sale of the land and building?

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Business Economics: Investors in the jmj group purchased hotel resort in april

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