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Problem 4-51(LO.6,7) Julio sold his corporation to a competitor, Exeter LLC, for...

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Accounting

Problem 4-51(LO.6,7)
Julio sold his corporation to a competitor, Exeter LLC, for $100,000,000. Julio incorporated his business seven years ago by investing $500,000 plus his proprietary know-how. There have been no other corporate shareholders.
Compute Julio's after-tax cash flow from the sale, assuming he is in the 37% tax bracket (20% long-term capital gain rate) and has no
other property sales during the year. Assume the 3.8 percent Net Investment Income Tax applies.
Julio's after-tax cash flow from the sale is s

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