Assume that in problem 77, Stan sells the machinery in 2023 for $28,500. Determine the effect of
Question:
Assume that in problem 77, Stan sells the machinery in 2023 for $28,500. Determine the effect of the sale on Stan's regular taxable income and his alternative minimum taxable income in 2023.
Data from problem 77
Stan purchases machinery costing $100,000 for use in his business in 2017. The machinery is 7-year MACRS property and has an ADS life of 12 years. Prepare a depreciation schedule using the regular MACRS method and ADS depreciation assuming that Stan does not make a Section 179 election. Determine the amount of the adjustment Stan must make in computing his alternative minimum tax each year.
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Because the allowable depreciation is different under the 2 systems the basis of the property at the date of sale is also different For regular tax pu...View the full answer
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Related Book For 
Concepts In Federal Taxation 2018
ISBN: 9781337386074
25th Edition
Authors: Kevin E. Murphy, Mark Higgins
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