1 answer

Problem 12-10 A small business sold an equipment for $100,000 after depreciating the equipment using SOYD...

Question:

Problem 12-10

A small business sold an equipment for $100,000 after depreciating the equipment using SOYD depreciation method. The federal tax liability on this depreciation recapture is $34,000 if the company also had other taxable income of $150,000 in that year.

True/False


Answers

true

using Sum Of Year's Depreciation method the small business sold its equipment for $100,000. $34000 is the depreciation recapture on the federal tax liability. the company also had other taxable income of $150,000.

SOYD = n(n+1)/2, where n is the estimated useful life.

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