How much tax does zack owe in year 8

Reference no: EM13553135

Zack purchased a plot of land (plot A) for $150,000 in October of Year 1. He pays $15,000 in brokerage and legal fees associated with the acquisition of the land. In November of Year 7, Zack sells the land to Xavier for $300,000. In January of Year 8, Zack purchases another plot of land (plot B) for $200,000. In December of Year 8, Zack discovers that a zoning law will prevent him from building the hotel he planned to construct on the land. As a result, he sells the plot B for $180,000.

What was Zack's Adjusted Basis in plot A at the time of sale?

What was Zack's Adjusted Basis in plot B at the time of sale?

How much tax does Zack owe in Year 7?

How much tax does Zack owe in Year 8?

Reference no: EM13553135

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How much tax does zack owe in year 8 : How much tax does Zack owe in Year 8?

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