Determine the amount of any DR, CG, or CLgenerated by each

Chapter 17, Problem 17.37

(choose chapter or problem)

Determine the amount of any DR, CG, or CLgenerated by each event described below. Usethe result to determine the income tax effect, ifTe = 30%.(a) A strip of land zoned as Commercial Apurchased 8 years ago for $2.6 million wasjust sold at a 15% profit.(b) Earthmoving equipment purchased for$155,000 was depreciated using MACRSover a 5-year recovery period. It was sold atthe end of the fifth year of ownership for$10,000.(c) A MACRS-depreciated asset with a 7-yearrecovery period has been sold after 8 years atan amount equal to 20% of its first cost of$150,000.

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