National Geographic is replacing an old printing press with a new one. The old press is being sold for $350,000 and it has a net book value of $75,000. Assume that National Geographic is in the 40% income tax bracket. How much will National Geographic pay in income taxes from the sale?
A) $140,000
B) $45,000
C) $110,000
D) $87,010

Question

Quizplus · Accepted Answer

The Answer of National Geographic is replacing an old printing press with a new one. The old press is being sold for $350,000 and it has a net book value of $75,000. Assume that National Geographic is in the 40% income tax bracket. How much will National Geographic pay in income taxes from the sale?
A) $140,000
B) $45,000
C) $110,000
D) $87,010

National Geographic Is Replacing an Old Printing Press with a New