Stan sold his investment property for $97,000 and had $8,000 in closing costs. the property had a beginning basis of $77,000, capital improvements of $4,000, and depreciation of $15,000. what was stan's capital gain?

$31,000

Explanation:

Before the sale of the investment property, the book value is calculated as follows.

Book Value = beginning basis + capital improvements - depreciation

= 77,000 + 4,000 - 15,000

= book value = $66,000.

Therefore, capital gain on the sale

= sales value - book value

= 97,000 - 66,000

= $31,000.

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