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On June 17, 2019, Aaron Johnson, CPA, placed in service a computer network that cost $65,000. He is single and has taxable income of $600,000. He sold the computer network on July 30, 2023 for $22,000 and took Sec. 179 expense for the full purchase price in 2019? What is his tax liability or tax (benefit) from this sale assuming he has no other asset sales in 2023?

On June 17, 2019, Aaron Johnson, CPA, placed in service a computer network that cost $65,000. He is single and has taxable income of $600,000. He sold the computer network on July 30, 2023 for $22,000 and took Sec. 179 expense for the full purchase price in 2019? What is his tax liability or tax (benefit) from this sale assuming he has no other asset sales in 2023?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 17, 2019, Aaron Johnson, CPA, placed in service a computer network that cost $65,000. He is single and has taxable income of $600,000. He sold the computer network on July 30, 2023 for $22,000 and took Sec. 179 expense for the full purchase price in 2019? What is his tax liability or tax (benefit) from this sale assuming he has no other asset sales in 2023?
Transcribed Image Text:On June 17, 2019, Aaron Johnson, CPA, placed in service a computer network that cost $65,000. He is single and has taxable income of $600,000. He sold the computer network on July 30, 2023 for $22,000 and took Sec. 179 expense for the full purchase price in 2019? What is his tax liability or tax (benefit) from this sale assuming he has no other asset sales in 2023?
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