A piece of machinery used in the fabrication of metal products was purchased at a...
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Finance
A piece of machinery used in the fabrication of metal products was purchased at a cost of $92,000 has an estimated salvage value of $12,000 and an estimated useful life of five years. It was placed in service on May 1st of the current fiscal year, which ends on December 31st. The asset falls into a seven-year MACRS property category. Your marginal tax rate is 35%. Determine the depreciation amounts over the useful life and the capital gains/credit tax?
Please advise on both the depreciation amounts AND the tax piece.
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