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Question: Suppose that Sandstone industries purchased PPE at the beginning of the fiscal year 2018 for $400,000. It has a useful life of 5 years and no residual value. Sandstone records depreciation for financial reporting purposes under the straight-line method and for tax purposes under the MACRS.
MACRS requires that of this type be depreciated as follows:
Year 1 33%
Year 2 45%
Year 3 15%
Year 4 7%
The tax rate is 21%. This is the only accounting difference between financial reporting purposes and tax reporting purposes.
Is taxable income higher or lower than pre-tax accounting income in year 1 of owning this asset?
Did this difference create a deferred tax asset or liability?
How much is the deferred tax asset or liability related to this transaction as of fiscal year-end 2018?
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