Homework Answers
a)
Statement is False
This is because, depreciation recapture is treated as an ordinary
income and taxed at normal rates
b)
Statement is True
Depletion can be calculated using two approaches, allowance method
and percentage method
c)
Statement is False
In Straight line method, book value is equal to salvage value at
end of its life, it may be zero if there is no salvage value
d)
Statement is True
Depreciation is an expense which is capital expense apportioned
over a period of time
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caps locK 1) TRUMALSAS a) The income tax rates are the same for capital gains and...
EESEEEEEEEEEEEEEEEEE 1) TRUE/False a) The income tax rates are the same for capital gains and depreciation...
EESEEEEEEEEEEEEEEEEE 1) TRUE/False a) The income tax rates are the same for capital gains and depreciation recapture of an asset T/F b) Depletion can be calculated in two different approach: Depletion allowance or percentage depletion / c) In Straight Line depreciation, the book value is zero at the end of its life. T/F d) Depreciation is method of capital expensed over period of time T/F ce) Income tax rates are same for capital gains and depreciation recapture of an asset....
than ordinary tax rates. Capital-gains tax rates are much higher about the same slightly higher lower
than ordinary tax rates. Capital-gains tax rates are much higher about the same slightly higher lower
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and Cap...
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and Capital Asset Market Value Tax Basis Holding Period 1 year > 1 year < 1 year < 1 year 1 year > 1 year $43,100 41,100 L stock M stock 54,200 32,200 34,200 30,200 11,200 N stock 24,100 35,100 o stochk Antiques 6,100 92,100 Rental home 304,200* $30,000 of the gain is 25 percent gain (from accumulated depreciation on the...
Assume that capital gains are taxed upon realization at ordinary tax rates. Jones, who has a...
Assume that capital gains are taxed upon realization at ordinary tax rates. Jones, who has a federal personal income tax rate of 25 percent, holds an oil stock that appreciates in value by 10 percent each year. He bought the stock one year ago for $1,000. Jones’s stockbroker now wants him to switch the oil stock for a gold stock that is equally risky. Jones has decided that if he holds on to the oil stock, he will keep it...
pick 1 of the five things you should know about capital gains tax, and give a...
pick 1 of the five things you should know about capital gains
tax, and give a pro or con point of view on the artical.
Paragraph Styles 6 5 Things You Should Know about Capital Gains Tax Updated for Tax Year 2019 OVERVIEW A capital gain occurs when you sell something for more than you spent to acquire it. This happens a lot with investments, but it also applies to personal property, such as a car. Every taxpayer should understand...
The highest federal marginal income tax rates in 2017 and 2018 are 33% in 2017 and...
The highest federal marginal income tax rates in 2017 and 2018 are 33% in 2017 and 29.6% in 2018 37% in 2017 and 39.6% in 2018 42.3% in 2017 and 39.6% in 2018 39.6% in 2017 and 37% in 2018 Question 2 With a progressive tax structure, which of the following is always true? Income Tax = Taxable Income * Marginal Tax Rate. The marginal tax rate equals the average tax rate. The average tax rate is less than the...
3. Multiple temporary differences. The floging nformaons avable for the first thre years of opemations for Cooper Company: Taxable Income S500,000 375,000 400,000 1. Year 2017 2018 2019 2. On Jan...
3. Multiple temporary differences. The floging nformaons avable for the first thre years of opemations for Cooper Company: Taxable Income S500,000 375,000 400,000 1. Year 2017 2018 2019 2. On January 2, 2017, heavy equipment costing $800,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below 2018 ax Deareciation Total $56,000 $800,000 2017 $264,000 $360,000...
Rates and allowances INCOME TAX (2018/19) % Basic rate £1 – £34,500 20% Higher rate £34,500...
Rates and allowances
INCOME TAX (2018/19)
%
Basic rate £1 – £34,500 20%
Higher rate £34,500 – £150,000 40%
Additional higher rate £150,001 onwards 45%
A starting rate of 10% applies to savings income where it falls
within the first £5,000 of taxable income.
Personal allowances (2018/19)
£
Personal allowance 11,850
Car fuel benefit (2018/19)
The base figure for calculating the car fuel benefit is
£23,400.
Approved mileage rates (2018/19)
Car and vans: 0 – 10,000 miles 45p per mile...
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021: Year Accounting Income (Loss) Tax Rate 2015 $ 70,000 25% 2016 25,000 25% 2017 60,000 25% 2018 80,000 30% 2019 (21
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:YearAccounting Income (Loss)Tax Rate2015$ 70,000 25%2016 25,000 25%2017 60,000 25%2018 80,000 30%2019(210,000)35%2020 70,000 30%2021 90,000 25%Accounting income (loss) and taxable income (loss) were the same for all years since Carly began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Carly Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under...
tax tables: Rates and allowances INCOME TAX (2018/19) % Basic rate £1 – £34,500 20% Higher...
tax tables:
Rates and allowances
INCOME TAX (2018/19)
%
Basic rate £1 – £34,500 20%
Higher rate £34,500 – £150,000 40%
Additional higher rate £150,001 onwards 45%
A starting rate of 10% applies to savings income where it falls
within the first £5,000 of taxable income.
Personal allowances (2018/19)
£
Personal allowance 11,850
Car fuel benefit (2018/19)
The base figure for calculating the car fuel benefit is
£23,400.
Approved mileage rates (2018/19)
Car and vans: 0 – 10,000 miles 45p...
EESEEEEEEEEEEEEEEEEE 1) TRUE/False a) The income tax rates are the same for capital gains and depreciation recapture of an asset T/F b) Depletion can be calculated in two different approach: Depletion allowance or percentage depletion / c) In Straight Line depreciation, the book value is zero at the end of its life. T/F d) Depreciation is method of capital expensed over period of time T/F ce) Income tax rates are same for capital gains and depreciation recapture of an asset....
than ordinary tax rates. Capital-gains tax rates are much higher about the same slightly higher lower
During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and Capital Asset Market Value Tax Basis Holding Period 1 year > 1 year < 1 year < 1 year 1 year > 1 year $43,100 41,100 L stock M stock 54,200 32,200 34,200 30,200 11,200 N stock 24,100 35,100 o stochk Antiques 6,100 92,100 Rental home 304,200* $30,000 of the gain is 25 percent gain (from accumulated depreciation on the...
pick 1 of the five things you should know about capital gains
tax, and give a pro or con point of view on the artical.
Paragraph Styles 6 5 Things You Should Know about Capital Gains Tax Updated for Tax Year 2019 OVERVIEW A capital gain occurs when you sell something for more than you spent to acquire it. This happens a lot with investments, but it also applies to personal property, such as a car. Every taxpayer should understand...
3. Multiple temporary differences. The floging nformaons avable for the first thre years of opemations for Cooper Company: Taxable Income S500,000 375,000 400,000 1. Year 2017 2018 2019 2. On January 2, 2017, heavy equipment costing $800,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below 2018 ax Deareciation Total $56,000 $800,000 2017 $264,000 $360,000...
Rates and allowances
INCOME TAX (2018/19)
%
Basic rate £1 – £34,500 20%
Higher rate £34,500 – £150,000 40%
Additional higher rate £150,001 onwards 45%
A starting rate of 10% applies to savings income where it falls
within the first £5,000 of taxable income.
Personal allowances (2018/19)
£
Personal allowance 11,850
Car fuel benefit (2018/19)
The base figure for calculating the car fuel benefit is
£23,400.
Approved mileage rates (2018/19)
Car and vans: 0 – 10,000 miles 45p per mile...
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:YearAccounting Income (Loss)Tax Rate2015$ 70,000 25%2016 25,000 25%2017 60,000 25%2018 80,000 30%2019(210,000)35%2020 70,000 30%2021 90,000 25%Accounting income (loss) and taxable income (loss) were the same for all years since Carly began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Carly Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under...
tax tables:
Rates and allowances
INCOME TAX (2018/19)
%
Basic rate £1 – £34,500 20%
Higher rate £34,500 – £150,000 40%
Additional higher rate £150,001 onwards 45%
A starting rate of 10% applies to savings income where it falls
within the first £5,000 of taxable income.
Personal allowances (2018/19)
£
Personal allowance 11,850
Car fuel benefit (2018/19)
The base figure for calculating the car fuel benefit is
£23,400.
Approved mileage rates (2018/19)
Car and vans: 0 – 10,000 miles 45p...
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