Question: During its current tax year ( year one ) , a pharmaceutical company purchased a mixing tank that had a fair market price of $

During its current tax year(year one), a pharmaceutical company purchased a mixing tank that had a fair market price of
$118 comma 000118,000.
It replaced an older, smaller mixing tank that had a BV of
$17 comma 00017,000.
Because a special promotion was underway, the old tank was used as a trade-in for the new one, and the cash price(including delivery and installation) was set at
$99 comma 50099,500.
The MACRS class life for the new mixing tank is 9.5 years.

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