How much did widget pay in federal income taxes

Reference no: EM132086216

Question: Widget Industries erected a facility costing $1.56 million on land bought for $1 million. The firm used straight-line depreciation over a 39-year period; it installed $2.5 million worth of plant and office equipment (all classified as MACRS 7-year property). Gross income from the first year of operations (excluding capital expenditures) was $8.2 million, and $5.8 million was spent on labor and materials. How much did Widget pay in federal income taxes for the first year of operation?

Reference no: EM132086216

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