Warner, Inc. is a c-corp which purchased and placed in service land, building and equipment...
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Accounting
Warner, Inc. is a c-corp which purchased and placed in service land, building and equipment which were then sold several years later. Compute the after tax proceeds from the sale given the following: 1. The state income tax rate is 4.5 percent 2. The federal income tax rate is 21.0 percent 3. All property was purchased and placed in service in April, 2017 4. All property was sold in August 2022 5. The original cost was: a. Land: $90,000 b. Building: $375,000 c. Equipment (3 year GDS life): $60,000 e. Equipment (7 year GDS life): $225,000 6. The selling price was $825,000
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