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What are the tax implications regarding the sale

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Question: Gloria owned a non-residential building, purchased in 2018, the original cost of which was 400,000, 150,000 for the cost of land. The UCC value of the building was tiny_mce_markerquot;$360,000, and the land and building were sold for $750,000 in 2020. The split the taxpayer used between land and building was $300,000 for building and $450,000 for land.

Assuming that Gloria wishes to minimize her taxes, what are the tax implications regarding the sale?

Reference no: EM132743909

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