Question

Mark purchased a rental house on June 1, 2015 for 720,000 in US. It is depreciated...

Mark purchased a rental house on June 1, 2015 for 720,000 in US. It is depreciated over 30 years as residential property. He sells it on December 31, 2019 for 1,000,000. He incurs $20,000 of selling expenses.

a. How much tax will Mark pay?

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