Recent content by JeffNY

No, this is not for "some college accounting class". We had a family business deal, where one party wanted "out" in 2003. The building was not sold, but we are trying to be fair to all parties, and compute a fair value to be paid to the person (over time) who wanted out. But thanks, Jeff

In 2003 three New York residents own a building worth $1,500,000. There is still a mortgage of $600,000. So each person has $300,000 in equity. If the building was sold in 2003 what long term capital gains tax would a person pay (assuming he was married and had a married income over $100,000...