Warner, Inc. is a c-corp which purchased and placed in service land, building and equipment which were
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Question:
Warner, Inc. is a c-corp which purchased and placed in service land, building and equipment which were then sold several years later. Compute the after tax proceeds from the sale given the following:
1. The state income tax rate is 4.5 percent
2. The federal income tax rate is 21.0 percent
3. All property was purchased and placed in service in April, 2017
4. All property was sold in August 2022
5. The original cost was:
a. Land: $90,000
b. Building: $375,000
c. Equipment (3 year GDS life): $60,000
e. Equipment (7 year GDS life): $225,000
6. The selling price was $825,000
Related Book For
South western Federal Taxation 2017 Essentials of Taxation Individuals and Business Entities
ISBN: 9780357109144
20th edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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