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What is the tax liability on the sale of the truck

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Question - Suppose the quick towing company purchases a new tow truck. The old truck had a book value of $1000 and was sold for $1420. If quick towing is in the 34 percent marginal tax bracket, What is the tax liability on the sale of the truck? What is the after-tax cash flow on the sale?

Reference no: EM131920444

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