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$60,000 is the cash flow from the disposition of the old asset, but that is not the only component of the discounted net-of-tax amount that should be factored into Crane Company's analysis for the disposal transaction. The tax savings from the loss on the disposition must also be considered.
We are told in the question, "Assume that any gain or loss affects the taxes paid at the end of the year in which it occurred." Therefore, the tax savings that results from the $20,000 loss on the sale of the old equipment that occurs in year 0 must be discounted for one year. The tax savings is $8,000 ($20,000 × .40). Discounted for one year at 14%, it is $8,000 × .88, or $7,040. Cash flow from the disposal in year 0 is $60,000, and no discounting is necessary. Thus, the discounted net of tax amount to factor into Crane Company's analysis for the disposal transaction is $60,000 + $7,040, or $67,040.
An answer of $68,000 results from using the tax savings from the loss on the disposition at its gross, undiscounted value. We are told in the question, "Assume that any gain or loss affects the taxes paid at the end of the year in which it occurred." Therefore, the tax savings from the loss on the disposition should be discounted for one year.
An answer of $45,760 results from two errors: One, discounting the $60,000 cash that is received in year 0 for one year, which is incorrect because the cash received in year 0 needs no discounting. And two, the answer results from subtracting the present value of the tax savings from the present value of the cash received in the disposition, which is incorrect. The tax savings is an increase to cash, not a decrease.