Calculating tax paid on gain on disposal

Business & Finance
Tutor: None Selected Time limit: 1 Day

Genetic Insights Co. purchases an asset for $10,216. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, respectively. Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $3,362.

Calculate tax paid on gain on disposal. Round the answer to two decimals.

Oct 3rd, 2015

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Please download the file for calculation.Tax paid on gain.xlsx

tax paid on gain on disposal = $598.53

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Oct 3rd, 2015

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Oct 3rd, 2015
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Oct 3rd, 2015
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