Q. A company purchased an industrial fork-lift for $75,000 in year 0. The company expects to use it for the next 7 years after which it plans to sell it for $10,000. The estimated gross income and expenses excluding depreciation for the first year are given below. The fork-lift will be depreciated according to a 5-year MACRS.:Determine the average tax rate applicable in the first year of operation, using the current corporate tax rate schedule.