Suppose the quick towing company purchases a new tow truck. The old truck had a book value of $1000 and was sold for $1420. If quick towing is in the 34 percent marginal tax bracket, what is the tax l

Suppose the quick towing company purchases a new tow truck. The old truck had a book value of $1000 and was sold for $1420. If quick towing is in the 34 percent marginal tax bracket, what is the tax liability on the sale of the truck?what is the after-tax cash flow on the sale?

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