Determine the amount of capital gain realized

Reference no: EM131109901

Capital gains taxes The following table contains purchase and sale prices for the nondepreciable capital assets of a major corporation. The firm paid taxes of 40% on capital gains.

Asset	Purchase price	Sale price
A	$ 3,000	$ 3,400
B	12,000	12,000
C	62,000	80,000
D	41,000	45,000
E	16,500	18,000

a. Determine the amount of capital gain realized on each of the five assets.

b. Calculate the amount of tax paid on each of the assets.

Reference no: EM131109901

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