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Question - During the year ended December 31, 2021, management of Alpha Corporation (the Company) decided to sell a piece of its idle equipment. The equipment had an original tax cost of $75,000 and as of December 31, 2020, tax depreciation of $75,000 had been taken on the equipment. The equipment was sold to an unrelated party for $95,000 cash on June 15, 2021. For the purpose of requirement 3, assume that the book cost and book depreciation have been the same as the tax cost and tax depreciation.
Required - Calculate the tax gain on sale of the equipment.
The distribution of income of families in the US in 1979 (in actual dollars uncorrected for in?ation) is shown in the table below (Prob 4.28):
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Magilke Industries acquired equipment this year to be used in its operations. The equipment was delivered by the suppliers, installed by Magilke, and placed into operation.
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