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Calculate the tax liability on the assets

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Problem 1: During 2002, a firm has sold 5 assets described below. Calculate the tax liability on the assets. The firm pays a 40 percent tax rate on ordinary income.

Asset            Purchase Price               Sale Price

1                  12,000                     10,000
2                 40,000                        50,000
3                  37,750                        50,000
4                 3,500                             3,000
5                   12,500                        15,000

Reference no: EM132662374

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