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What may be written off over time for tax purposes

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Problem 1: Adam Smith is considering automating his pin factory with the purchase of a $475,000 machine. Shipping and installation would cost $5,000. Smith has calculated that automation would result in savings of $45,000 a year due to reduced scrap and $65,000 a year due to reduced labor costs. The machine has a useful life of 4 years and falls in the 3-year property class for MACRS depreciation purposes. The estimated final salvage value of the machine is $120,000.The cost of this asset that, by law, may be written off over time for tax purposes is closest to

Option 1: $280,000

Option 2: $380,000

Option 3: $480,000

Option 4: $580,000

Reference no: EM132734966

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