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An asset was purchased three years ago for $145,000. It falls into the five-year category for MACRS depreciation. The firm is in a 25 percent

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An asset was purchased three years ago for $145,000. It falls into the five-year category for MACRS depreciation. The firm is in a 25 percent tax bracket. Use Table 1212. a. Compute the tax loss on the sale and the related tax benefit if the asset is sold now for $17,560. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.) Tax loss on the sale Tax benefit b. Compute the gain and related tax on the sale if the asset is sold now for $61,060. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to whole dollars.) Taxable gain Tax obligation

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