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For each of the following cases, compute the total taxes resulting from the sale of the asset. Assume a 34 percent ordinary tax rate. The asset was purchased for $75,000 3 years ago and has a book value (undepreciated value) of $40,000. (a) The asset is sold for $80,000. (b) The asset is sold for $70,000. (c) The asset is sold for $40,000. (d ) The asset is sold for $38,000.

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