Kevin (ordinary rate of 30%) purchases business-use furniture in January 2021 for $2,000,000. All current...
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Kevin (ordinary rate of 30%) purchases business-use furniture in January 2021 for $2,000,000. All current laws are in effect. She paid $100,000 up front and financed the rest of the purchase price of the asset (will start paying the rest next year). Starting in 2021, Kevin will pay interest of $20,000 per year for 10 years.
State the after-tax cash from this purchase (cover year 1 ONLY).
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