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Phantom Corporation purchased equipment for $50,000, four years ago. The accumulated... Phantom Corporation purchased equipment for $50,000, four years ago. The accumulated depreciation to date

Phantom Corporation purchased equipment for $50,000, four years ago. The accumulated... Phantom Corporation purchased equipment for $50,000, four years ago. The accumulated depreciation to date is $41,360. If they were able to sell the equipment today for $20,000, what would be the amount of tax due? Assume the company is in the 34% tax bracket

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