Sunday, May 06, 2007

cycle on your bicycle

Studying's not all fun and games, but it helps when your professor has a sense of humor. I just came across one of my favorite tax powerpoint slides of the semester, which I will attempt to recreate here:

§ 453: Mr. Doyle buys your giant cat for 10% downpayment and installments over the next five years. How are you taxed?

Income each year = payment (*) (gross profit / total contract price)

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