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Question
Recapture
The Green Family had owned the Stormy Ridge Lodge for 15 years prior to selling it in 2009. They purchased the property for $45 million and then sold it for $42.5 million. Allocate 20% of the purchase price to land. Were the Greens liable for paying recapture tax and if so for what amount?
Answer
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Related questions
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General
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True or False
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Put the stages of the land development process in the proper order: a) Contact Broker, Option, Development, Sales b) Contact Broker, Development, Option, Sales c) Development, Contact Broker, Sales, Option d) Option, Contact Broker, Sales, Development
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