Will 10 ga wire handle a current load of 40 amp at 120 feet?
I pulling wire to my workshop with a 220 V air compressor, a 20 A 120V welder and lights. Using CFL so current load will be small. Other misc equipment like grinder, router, table saw, circular saw will be used from time to time. I think 10 ga wire will work, but thought I’d check.
Answers below in Comments Section

10 gauge wire is good for 30 amps, you should use 8 gauge wire.
I found a nice little chart that after you put in you variables for distance and amps. It will tell you the resistance and voltage drop.
I put in some random numbers and knowing how much consumpsion my table saw, compressor, vacuum system, etc… I would not let your voltage drop more than about 4 or 5 volts max. More loss than than and you start having problems.
I have 6 ga wired to my shop.
Personally, I bookmarked that page for future use.
http://www.stealth316.com/2-wire-resistance.htm