Question: Identify the tax issue or issues suggested by the following

Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question.
Several years ago, Ferris Corporation purchased heavy machinery for $618,000. It sold the machinery this year for $500,000. Through date of sale, MACRS depreciation on the machinery was $320,000, while AMT depreciation was $198,000. Ferris has paid AMT in three of its last five taxable years and expects to do so again this year.

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  • CreatedNovember 03, 2015
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