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Suppose a firm buys and asset, depreciates it over its 10-year MACRS life, and then sells it for $100,000 15 years from the time it
Suppose a firm buys and asset, depreciates it over its 10-year MACRS life, and then sells it for $100,000 15 years from the time it had bought it. Without performing any calculations, describe the tax consequences related to the assets purchase, depreciation, and sale.
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