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Venus Corporation approved a formal plan to sell its manufacturing division, considered a business segment, on July 1, 2006. The sale will occur in March of 2007. The division had an operating loss of $1,200,000 for the six months ended December 31, 2006, and expects to incur a loss of $400,000 for the first quarter of 2007.

Venus Corporation approved a formal plan to sell its manufacturing division, considered a business segment, on July 1, 2006. The sale will occur in March of 2007. The division had an operating loss of $1,200,000 for the six months ended December 31, 2006, and expects to incur a loss of $400,000 for the first quarter of 2007. The sale price is $46,000,000, and the carrying value at the date of sale should be $37,000,000. Venus’ effective tax rate for 2006 and 2007 is 30 percent. For the year ended December 31, 2006, how much gain should Venus report on disposal of the manufacturing division?
A. $0 C. $6,300,000
B. $5,180,000 D. $9,000,000
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