Calculate the tax on the sale of each asset

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Capital gains taxes-Perkins Manufacturing is considering the sale of two nondepreciable? assets, X and Y. Asset X was purchased for $1,960 and will be sold today for $2,220. Asset Y was purchased for $29,900 and will be sold today for $34,900. The firm is subject to a 40% tax rate on capital gains. a. Calculate the amount of capital? gain, if? any, realized on each of the assets. b. Calculate the tax on the sale of each asset.

Reference no: EM131820509

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