Ans:
Gain/loss on building= $230000-(200,400-52,400)=$82,000
Gain/loss on equipment= $80,400-(148,400-23,400)= ($44,600)
Net gain /loss= $37,400
Total taxable income= $37,400+190,900
=$ 228,300
Tax liability= (190900-85650)*28%+17,442
=29,470+17,442
= $46,912
Capital gain=$37,400*25%
=$ 9350
Total tax liability= $46912+9350
= $ 56,262
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