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Whirlwind Cycles is owned 100% by Daniel, a single taxpayer. Both Whirlwind Cycles and Daniel use the cash method of accounting for tax purposes. The

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Whirlwind Cycles is owned 100% by Daniel, a single taxpayer. Both Whirlwind Cycles and Daniel use the cash method of accounting for tax purposes. The business incurred the following items of income and expense in the 2019: year Cash Sales $250,000 3,000 Interest received from City of Eugene Bonds Cost of Goods Sold (assume cash paid in 2019) 45,000 4,500 18,000 30,000 Cash payments for 2019 utilities Cash payments for 2019 rent (S1,500 per month) Tax depreciation Cash contribution to Clinton's campaign for President (not deductible for tax purposes) 1,000 On 1/1/2017 (two years ago) Whirlwind Cycles purchased a 60-month zero coupon bond with a 6% yield and a $30,000 maturity value for $22,418 (compounded annually) Daniel's marginal tax rate is 37% before any profits from the business are considered Calculate Daniel's 2019 after-tax cash flows from the business assuming the business is organized as a sole proprietorship and Daniel withdraws all after-tax cash flows from the business Daniel's 2019 after-tax cash flows

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