20. Phillips Inc. sold machinery with a $137,700 adjusted tax basis for $208,000. The buyer paid...
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20. Phillips Inc. sold machinery with a $137,700 adjusted tax basis for $208,000. The buyer paid $21,000 in cash and took on Phillips's $187,000 mortgage on the machinery. Calculate Phillips's net cash flow from the sale, assuming a 21% tax rate. 20. Phillips Inc. sold machinery with a $137,700 adjusted tax basis for $208,000. The buyer paid $21,000 in cash and took on Phillips's $187,000 mortgage on the machinery. Calculate Phillips's net cash flow from the sale, assuming a 21% tax rate.
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