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A firm purchased a pellet mill 4 years ago for $60,000. The mill is being depreciated over 7 years using MACRS. The firm is planning to replace the mill with a higher volume unit that will cost $110,000 installed. If the old mill can be sold for $25,000, what is the tax liability on the sale of the old machine? Assume a marginal tax rate of 40%. Use the rounded MACRS schedule listed below.
7-Year MACRS Depreciation Schedule: 14%, 25%, 18%, 12%, 9%, 9%, 9%, 4%
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