Blossom Corporation purchased a machine on January 2, 2024, for $3800000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for financial statement purposes and the following MACRS amounts will be deducted for tax purposes: 2024 2025 2026 $760000 2027 1216000 2028 729600 2029 $0. O $6080. O $91200. O $85120. $437000 437000 220400 Assuming an income tax rate of 20% for all years, the net deferred tax liability reported on Blossom's balance sheet at December 31, 2025 is

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.