On June 15, 2018, Bill Jones purchased and placed in service a new office filing cabinet...
On June 15, 2018, Bill Jones purchased and placed in service a new office filing cabinet for his business. The cabinet cost $600, and neither §179 nor special depreciation was claimed. Using the half-year convention, 200% declining balance method, what is his first-year depreciation deduction for the new office filing cabinet?
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On June 15, 2018, Bill Jones purchased and placed in service a
new office filing cabinet...
Problem 8-46 (LO. 4) On June 5, 2018, Leo purchased and placed in service a new...
Problem 8-46 (LO. 4) On June 5, 2018, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year depreciation or any 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new...
Problem 8-46 (Algorithmic) (LO. 4) On July 15, 2018, Leo purchased and placed in service a...
Problem 8-46 (Algorithmic) (LO. 4) On July 15, 2018, Leo purchased and placed in service a new car that cost $67,800. 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?...
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life)...
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2019, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2019, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2019 is $50,000. Jack...
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?...
Problem 5-47 (Algorithmic) (LO. 8) On February 15, 2018, Leo purchased and placed in service a...
Problem 5-47 (Algorithmic) (LO. 8) On February 15, 2018, Leo purchased and placed in service a new car that cost $66,600. 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 autom.biles. a. What MACRS convention applies to the new car?...
Using the half-year convention, compute the total first-year MACRS deduction for a new office desk purchased...
Using the half-year convention, compute the total first-year MACRS deduction for a new office desk purchased and placed in service on May 1, 2017. The desk cost $750 and the 50% bonus depreciation will be claimed. $107 $375 $429 $482
Problem 8-46 (Algorithmic) (LO. 4) On March 30, 2018, Leo purchased and placed in service a new car that cost $64,2...
Problem 8-46 (Algorithmic) (LO. 4) On March 30, 2018, Leo purchased and placed in service a new car that cost $64,200. 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? Half-year...
An asset (not an automobile) placed in service in June 2018 has a depreciable basis of...
An asset (not an automobile) placed in service in June 2018 has a depreciable basis of $2,555,000, a recovery period of 5 years, and is the only asset placed in service during the year. Assuming bonus depreciation is not used, a half-year convention, and the expensing election is made for the maximum eligible amount, what is the amount of cost that can be deducted in 2018 assuming the business earned taxable income of $1,000,000 before deducting any cost recovery?
Problem 8-43 (LO. 2, 3, 9) On June 5, 2018, Javier Sanchez purchased and placed in...
Problem 8-43 (LO. 2, 3, 9) On June 5, 2018, Javier Sanchez purchased and placed in service a new 7-year class asset costing $560,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). During 2018, his business generated a net income of $945,780 before any § 179 immediate expense election. Rather than using bonus depreciation, Javier would like to use § 179 to expense $200,000 of this asset and then use regular...
On June 5, 2017, Javier Sanchez purchased and placed in service a new 7-year class asset...
On June 5, 2017, Javier Sanchez purchased and placed in service a new 7-year class asset costing $560,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). During 2017, his business generated a net income of $945,780 before any§ 179 immediate expense election. a. Determine the maximum deductions that Javier can claim w ith respect to this asset in 2017 and 2018.
Problem 8-46 (LO. 4) On June 5, 2018, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year depreciation or any 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new...
Problem 8-46 (Algorithmic) (LO. 4) On July 15, 2018, Leo purchased and placed in service a new car that cost $67,800. 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?...
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2019, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2019, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2019 is $50,000. Jack...
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?...
Problem 5-47 (Algorithmic) (LO. 8) On February 15, 2018, Leo purchased and placed in service a new car that cost $66,600. 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 autom.biles. a. What MACRS convention applies to the new car?...
Problem 8-46 (Algorithmic) (LO. 4) On March 30, 2018, Leo purchased and placed in service a new car that cost $64,200. 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? Half-year...
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