Partners Bill and Ted agreed to split profits on the following transaction. Bill obtained a remodeling loan in the amount of $65,000 Bill used the proceeds to purchase a condo in the amount of $35,000. Bill used $10,000 of the $65,000 remodeling loan proceeds to fund a non-related separate endeavor. During the course of the condo remodeling Bill spent : $14,518 in materials $2,541 holding costs. Bill sold the condo for $88,000 there are also other closing costs associated with the sale (included in attachment). Bill wants to split the profit after subtracting capital gains tax. Capitol gains tax is 20% How much money does Bill owe Ted ?
