2) Vinay Inc had sales of $5 m, cost of goods sold of E3 m, other operating expenses of f1 m and interest expenses of
2) Vinay Inc had sales of $5 m, cost of goods sold of E3 m, other operating expenses of f1 m and interest expenses of f200,000 last year. During the year, Vinay Inc sold a plant and its equipment for f1.2 m. The book value of the plant and equipment was $500,000. The corporate tax rate in the UK is flat at 17%. What is Vinay's Inc taxable income and what taxes are due
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