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! Required information Problem 11-45(LO 11-3, LO 11-4, LO 11-5)(Static) [The following...

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Accounting

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Required information
Problem 11-45(LO 11-3, LO 11-4, LO 11-5)(Static)
[The following information applies to the questions displayed below.]
Hart, an individual, bought an asset for $500,000 and has claimed $100,000 of depreciation deductions against the asset.
Hart has a marginal tax rate of 32 percent.
Answer the questions presented in the following alternative scenarios (assume Hart had no property transactions other
than those described in the problem):
Note: Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answers
blank. Enter zero if applicable.
Problem 11-45 Part-b (Static)
Required:
b1. What are the amount and character of Hart's recognized gain or loss if the asset is tangible personal property sold for $550,000?
b2. What effect does the sale have on Hart's tax liability for the year?
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
What effect does the sale have on Hart's tax liability for the year?
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