Given the following information, enter the value for the item below and calculate the taxes due on sale for the following fully taxable sale (25 points) Net Sale Proceeds $1,500,000, Prior Purchase Price $830,000, Depreciation Recapture $150,000, Additional Capital Expenditures $76,000, Capital Gain Tax 15 , and Depreciation Recapture Tax 25 Find Gross book value Book value Capital gain Tax liability for capital gain Tax liability for claimed depreciation Total tax due

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Question: Given the following information, enter the value for the item below and calculate the taxes due on sale for the following fully taxable sale (25

Given the following information, enter the value for the item below and calculate the taxes due on sale for the following fully taxable sale (25 points):

Net Sale Proceeds: $1,500,000,
Prior Purchase Price: $830,000,
Depreciation Recapture: $150,000,
Additional Capital Expenditures: $76,000,
Capital Gain Tax: 15%, and
Depreciation Recapture Tax: 25%.

Find

Gross book value:

Book value:

Capital gain:

Tax liability for capital gain:

Tax liability for claimed depreciation :

Total tax due:

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