An asset used in a 4-year project falls in the 5-year MACRS class (MACRS Table) for...
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An asset used in a 4-year project falls in the 5-year MACRS class (MACRS Table) for tax purposes. The asset has an acquisition cost of $11,340,000 and will be sold for $2,520,000 at the end of the project. |
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If the tax rate is 24 percent, what is the aftertax salvage value of the asset? |
Homework Answers
book value of asset = cost - depreciation
= 11340000 - 11340000 * (0.2 + 0.32 + 0.1920 + 0.1152)
= 1959552
tax on sale = (sale price - book value) * (tax rate)
= (2520000 - 1959552) * (0.24)
= 134507.52
after tax salvage value
= price - tax on sale
= 2520000 - 134507.52
= 2385492.48
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