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Book value and taxes on sale of assets  Troy Industries purchased a new machine 3 ​year(s) ago for $78,000. It is being

Posted: Thu May 19, 2022 5:26 am
by answerhappygod
Book value and taxes on sale of assets  Troy Industries
purchased a new machine 3 ​year(s) ago for $78,000. It is being
depreciated under MACRS with a​ 5-year recovery period using
the schedule Assume 21% ordinary and capital gains
tax rates.
a. What is the book value of the​ machine?
b. Calculate the​ firm's tax liability if it sold the
machine for each of the following​ amounts: $93,600​;
$54,600​; $22,620​; and $15,800.
Book Value And Taxes On Sale Of Assets Troy Industries Purchased A New Machine 3 Year S Ago For 78 000 It Is Being 1
Book Value And Taxes On Sale Of Assets Troy Industries Purchased A New Machine 3 Year S Ago For 78 000 It Is Being 1 (134.08 KiB) Viewed 48 times
Book value and taxes on sale of assets Troy Industries purchased a new machine 3 year(s) ago for $78,000. It is being depreciated under MACRS with a 5-year recovery period using the schedule . Assume 21% ordinary and capital gains tax rates. a. What is the book value of the machine? b. Calculate the firm's tax liability if it sold the machine for each of the following amounts: $93,600; $54,600; $22,620; and $15,800. a. The remaining book value is $ (Round to the nearest dollar.)
Data table 10 years 12% First Four Property Classes Percentage by recovery year* Recovery year 3 years 5 years 7 years 1 33% 20% 14% 10% 2 45% 32% 25% 18% 3 15% 19% 18% 14% 4 7% 12% 12% 5 12% 9% 9% 5% 9% 8% 7 9% 7% 4% 6% 9 6% 698 11 49 Totals 100% 10090 100% 100% *These percentages have been rounded to the nearest whole percent to simplify calculations while Print Done