Homework Answers
Ans: The correct option for the answer is option C i.e. 2.5/12
Since property is a non residential property its MACRS life will be 39 years and as per mid month convention , depreciation can be claimed for half of the month , in which property is disposed off, so for this year 2 full month(January and February) and 1 half month (March) will be allowed that is 2.5
Ans: Allowable cost recovery in the year of disposition.
Depreciation= 5,000,000*0.02564*2.5/12= 26,708
Add Answer to:
Allowable cost recovery in the year of
disposition?
Polly purchased a new factory building in April,...
Question 10 (2.5 points) After constructing a new factory, the cost of building the factory is...
Question 10 (2.5 points) After constructing a new factory, the cost of building the factory is a OA) sunk cost. OB) past cost. OC) variable cost OD) None of the above answers are correct.
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23,...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost...
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost of $30,000. She also purchased a new business (e-year property) on November 20, 2020, at a cost of 513,000 Bonnie did not elect to expense either of the sets under $ 179, nor did she eclect straight line cost recovery. Bonnie takes additional first-year depreciation Determine the cost recovery deduction for 2020 for these assets O $7,858 b. $9.586 O c$21.915 Od 543,000 O...
Carlos purchased an apartment building on November 16, 2018, for $3,000,000. Determine the cost recovery for...
Carlos purchased an apartment building on November 16, 2018, for $3,000,000. Determine the cost recovery for 2018. Group of answer choices $11,910 $22,740 None of the above $13,950 $9,630
3. On April 3, 2015. Terry purchased and placed in service, an apartment building that cost...
3. On April 3, 2015. Terry purchased and placed in service, an apartment building that cost $2,000,000. An appraisal determined that 20% of the total cost was attributed to the value of land. Terry sold the building on November 20, 2019 for $3,800,000 Required: Calculate: a. Cost Recovery deduction for 2015 b. Cost Recovery deduction for 2019 c. Total cost recovery deducted over the years Terry held the property d. Gain/loss on the sale.
2. Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000.($500,000 of the purchas...
2. Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000.($500,000 of the purchase price was allocated to the land.) He elected the alternative depreciation system (ADS). Determine the cost recovery deduction for 2020. a. $23,328 b. $80,000 c. $82,048 d. $92,500
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,0...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,000. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
The installed cost of a new computerized controller was $62,000. Calculate the depreciation schedule by year assuming a recovery period of 5 years and using the appropriate MACRS depreciation percent...
The installed cost of a new computerized controller was $62,000. Calculate the depreciation schedule by year assuming a recovery period of 5 years and using the appropriate MACRS depreciation percentag given in the table EEB Complete the depreciation schedule for the new computerized controller below: Data Table Recovery Year Depreciation (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Depreciation Recovery Year Rounded Depreciation Percentages by...
On March 1, 2021, Beldon Corporation purchased land as a factory site for $75,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are list
On March 1, 2021, Beldon Corporation purchased land as a factory site for $75,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building$6,500Architect’s fees (for new building)14,000Legal fees for title investigation of land3,000Property taxes on land (for period beginning March 1, 2021)4,500Construction costs650,000Interest on construction loan7,500 Salvaged materials resulting from the demolition of the old building were...
On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price...
On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price was $52,000. This was the only business-use asset Andrew acquired in 2019. He used the car 85% of the time for business and 15% for personal use and maintains proper documentation of use. Andrew would like to deduct the maximum amount possible. Calculate the total deduction Andrew can take with respect to the car for 2019. Kendra Brown, a sole proprietor, acquires a new...
Question 10 (2.5 points) After constructing a new factory, the cost of building the factory is a OA) sunk cost. OB) past cost. OC) variable cost OD) None of the above answers are correct.
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost of $30,000. She also purchased a new business (e-year property) on November 20, 2020, at a cost of 513,000 Bonnie did not elect to expense either of the sets under $ 179, nor did she eclect straight line cost recovery. Bonnie takes additional first-year depreciation Determine the cost recovery deduction for 2020 for these assets O $7,858 b. $9.586 O c$21.915 Od 543,000 O...
3. On April 3, 2015. Terry purchased and placed in service, an apartment building that cost $2,000,000. An appraisal determined that 20% of the total cost was attributed to the value of land. Terry sold the building on November 20, 2019 for $3,800,000 Required: Calculate: a. Cost Recovery deduction for 2015 b. Cost Recovery deduction for 2019 c. Total cost recovery deducted over the years Terry held the property d. Gain/loss on the sale.
2. Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000.($500,000 of the purchase price was allocated to the land.) He elected the alternative depreciation system (ADS). Determine the cost recovery deduction for 2020. a. $23,328 b. $80,000 c. $82,048 d. $92,500
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,000. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
The installed cost of a new computerized controller was $62,000. Calculate the depreciation schedule by year assuming a recovery period of 5 years and using the appropriate MACRS depreciation percentag given in the table EEB Complete the depreciation schedule for the new computerized controller below: Data Table Recovery Year Depreciation (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Depreciation Recovery Year Rounded Depreciation Percentages by...
Most questions answered within 3 hours.
-
Required information
[The following information applies to the questions
displayed below.]
In 2019, Alliant Corporation acquired...
asked 2 minutes ago -
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 2 hours ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 3 hours ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 4 hours ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 4 hours ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 4 hours ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 4 hours ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 4 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 4 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 4 hours ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 4 hours ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 4 hours ago