Multiple Choice
A machine with a book value of $60,000 could be sold for $80,000. The corporation that owns the machine has taxable income of $670,000 and a 40 percent tax rate. What would be the tax on the sale of the machine?
A) $0
B) $20,000
C) $12,000
D) $8,000
Correct Answer:
Verified
Correct Answer:
Verified
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