EC North Dakota | Jaybird - 10/23/2018 21:02
Thanks for the replies.
All depreciation has been taken on my equipment, so when it sells, and the debt on it is paid off, the remainder is taxable income I suppose.
No debt should be remaining if all the depreciation has been taken. You’ve been deffering taxes by using machinery depreciation while not taking the income to pay the debt. Now if you sell the machinery, the time to pay the deferred tax has arrived. |
Asset liquidation tax situation questions
