Given the following information, calculate the taxes due on sale for the following fully taxable...
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Accounting
Given the following information, calculate the taxes due on sale for the following fully taxable sale (25 points): Net Sale Proceeds: $1,500,000, Prior Purchase Price: $830,000, Depreciation Recapture: $150,000, Additional Capital Expenditures: $ 76,000, Capital Gain Tax: 15%, and Depreciation Recapture Tax: 25%. Capital gain: Tax liability for capital gain: Tax liability for claimed depreciation: Total tax due
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