Screenshot 2019-05-17 13.24.35.png - Capital gains taxes As part of its operations Ferguson's Plumbing has bought and sold several nondepreciable

Screenshot 2019-05-17 13.24.35.png - Capital gains taxes As...

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Unformatted text preview: Capital gains taxes As part of its operations, Ferguson's Plumbing has bought and sold several nondepreciable capital assets. The purchase and sale prices for these assets are contained in the following table. Assuming Ferguson's pays a 40% capital gains tax, complete the table by filling in the last two columns. Asset Sale price Purchase price Capital gain Tax A $2,475 $2,250 ? ? B 12.450 12,450 ? ? C 83.781 62.060 ? ? D 50.350 40,280 ? ? E 18,854 17,140 ? ? Determine the amount of capital gain realized on each of the five assets. The capital gain for asset A is $ 225 . (Round to the nearest dollar.) The capital gain for asset B is $ 0 . (Round to the nearest dollar.) The capital gain for asset C is $ 21721 . (Round to the nearest dollar.) The capital gain for asset D is $ 10070 . (Round to the nearest dollar.) The capital gain for asset E is $ 1714 . (Round to the nearest dollar.) Calculate the amount of tax paid on each of the assets. The amount of tax paid on asset A is $ 90 . (Round to the nearest dollar.) The amount of tax paid on asset B is $ 0 . (Round to the nearest dollar.) The amount of tax paid on asset C is $ 8688 . (Round to the nearest dollar.) The amount of tax paid on asset D is $ 4028 . (Round to the nearest dollar.) The amount of tax paid on asset E is $ 686 . (Round to the nearest dollar.) ...
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  • Summer '08
  • Cadle,J
  • capital gains taxes, nondepreciable capital assets

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