Reference no: EM132162
Provide all calculations necessary to support your answers
On January 8. 2010, the first day of your new company, you bought its first equipment consisting of ID canoes which you paid a total of $48ODD. Office furniture which you paid $9D00D. Radio equipment which you bought for $30,000. And an airplane which cost you $750,000. On June 2, 2011, you bought another 2 canoes costing a total of $9000. On January 2, 2012 you bought $30000 more furniture. On July 9, 2012, you sold all the radio equipment for $25,000. Today. Sept 30, 2013. You've closed your company forever, and you sold the 12 canoes for $40,000 in total, all the office furniture for $100 in total, and the aircraft for $825,000. Note: there were no other equipment purchase or sales by your company other than those listed above. Your company's fiscal year is from Jan 151 to Dec 3l and it pays taxes once a year.
Required- For each year of your company's existence, calculate the [GA (by class) your company could have/should have normally claimed assuming your company had millions of profits in each year of its existence. Also, for your company's final year of existence, indicate any other implications that will affect its taxable income.
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