Reference no: EM131869315
Chesterfield Corp, a franchise manufacturing industrial pipes, began business on January 1, 2013. In the process of beginning operations, it incurred the following capital expenditures:
Manufacturing equipment $95,000
Furniture and fixtures 34,000
Small tools (under $500) 12,400
Franchise (expires in 8 years) 35,200
Forklift vehicle (used) 22,000
Leasehold improvements (8-year lease) 30,000
The business was immediately successful and generated substantial profits for the years ended December 31, 2013 and 2014.
In 2014, the forklift was traded in for a newer forklift costing $43,000. A value of $15,000 was assigned to the old forklift when it was traded in.
In 2015, due to a downturn in the economy, the owner decided to sell the business. As a result, the assets were valued and sold on December 31, 2015, for the following values:
Manufacturing equipment $ 55,000
Furniture and fixtures 20,000
Small tools 8,300
Franchise 40,000
Forklift vehicle 34,500
Leasehold improvements 26,000
Goodwill 17,000
Total $200,800
Required:
Determine the effect of all these transactions on net income for tax purposes for the 2013, 2014, and 2015 taxation years. (Round to nearest dollar)
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