Which of the following would be included in the unadjusted basis immediately after acquisition (UBIA)? Section...
Which of the following would be included in the unadjusted basis immediately after acquisition (UBIA)?
Section 179.
Cost.
Bonus depreciation.
Prior depreciation.
Homework Answers
| The unadjusted basis immediately after acquisition (UBIA) includes only cost. |
| The unadjusted basis immediately after acquisition (UBIA) is the basis of asset prior to any depreciation or Section 179 deduction |
| Option 2 is correct |
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Which of the following would be included in the unadjusted basis
immediately after acquisition (UBIA)?
Section...
The unadjusted basis immediately after acquisition (UBIA) can be defined as: a. the cost of the...
The unadjusted basis immediately after acquisition (UBIA) can be defined as: a. the cost of the property minus any Section 179 deduction b.The Cost of the property minus any bonus depreciation c. The cost of the property when placed in service minus depreciation taken d. The cost of the property when placed in service
The unadjusted basis immediately after acquisition (UBIA) can be defined as: The cost of the property...
The unadjusted basis immediately after acquisition (UBIA) can be defined as: The cost of the property minus any Section 179 deduction. The cost of the property minus any bonus depreciation. The cost of the property when placed in service minus depreciation taken. The cost of the property when placed in service.
All of the following assets can have an unadjusted basis immediately after acquisition (UBIA) for purposes...
All of the following assets can have an unadjusted basis immediately after acquisition (UBIA) for purposes of the QBI deduction, EXCEPT: Land. Vehicle. Machinery. Improvements.
What is the UBIA of the following asset? A piece of machinery purchased for $4,000 and...
What is the UBIA of the following asset? A piece of machinery purchased for $4,000 and immediately placed into service. In the first year, a Section 179 deduction of $2,000 was taken, in addition to bonus depreciation of $1,000, and regular depreciation of $200. $800 $2,000 $2,800 $4,000
All of the following may be considered in computing the QBI deduction, EXCEPT: Taxpayer's Form W-2...
All of the following may be considered in computing the QBI deduction, EXCEPT: Taxpayer's Form W-2 wages from another employer. Taxable income thresholds. Form W-2 wages paid by the business. UBIA (unadjusted basis immediately after acquisition) of qualified property.
Sam acquires the following 5-year class property in 2018: Asset Date of Acquisition Cost X April...
Sam acquires the following 5-year class property in 2018: Asset Date of Acquisition Cost X April 10 $ 60,000 Y July 25 $ 55,000 Z December 1 $ 110,000 $225,000 What is Sam's MACRS depreciation for 2018, assuming no Section 179 or bonus depreciation?
depreciation? Lo 10.3 58. Assume that Timberline Corporation has 2018 taxable income of $240 LO 10-3...
depreciation? Lo 10.3 58. Assume that Timberline Corporation has 2018 taxable income of $240 LO 10-3 purposes of computing the $179 expense. It acquired the following assets in 2018: Asset Purchase Date Basis Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total December 1 $450,000 90,000 30,000 May 22480,000 $1,050,000 February 28 July 15 CHAPTER 1O Property Acquisition and Cost Recov a) What is the maximum amount of $179 expense Timberline may deduct for 2018? b) What would Timberline's...
Which of the following items would be included in the discontinued operations section of the income...
Which of the following items would be included in the discontinued operations section of the income statement? A. The gain or loss on disposal of the segment. B. Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment. C. Income or loss from operating the segment prior to its disposal. D. Only losses and not gains on the disposal of a segment. 2. All things being equal,...
Tax depreciation 2015 2016 2017 2018 deductions Adjusted Property Acquisition Date Cost Metho...
Tax depreciation 2015 2016 2017 2018 deductions Adjusted Property Acquisition Date Cost Method Class MACRS MACRS MACRS Section 179 Bonus MACRS basis Computer Equipment #1 2/1/15 2,800 MACRS 200% DB 5 Furniture 3/1/15 8,000 MACRS 200% DB 7 Display Cases 3/1/15 12,900 MACRS 200% DB 5 Security System 5/1/15 15,000 MACRS 200% DB 7 Computer Equipment #2 8/1/18 14,000 MACRS 200% DB 5 Additional notes: [1] No Section 179 election or bonus depreciation on assets purchased before 2018 [2] Maximize...
which of the following items acquired as part of an acquisition of a business is not...
which of the following items acquired as part of an
acquisition of a business is not Section 197 intangible
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QUESTION 12 A taxpayer places in service $55,000 of 5-year property on August 16, and $45.000 of 7-year property on December 2. Assuming the taxpayer elects not to take Section 179 expense of bonus depreciation on ether property, which of the following statements is correct? The taxpayer uses the half-year convention to depreciate the 5-year property, but uses the mid-quarter...
depreciation? Lo 10.3 58. Assume that Timberline Corporation has 2018 taxable income of $240 LO 10-3 purposes of computing the $179 expense. It acquired the following assets in 2018: Asset Purchase Date Basis Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total December 1 $450,000 90,000 30,000 May 22480,000 $1,050,000 February 28 July 15 CHAPTER 1O Property Acquisition and Cost Recov a) What is the maximum amount of $179 expense Timberline may deduct for 2018? b) What would Timberline's...
which of the following items acquired as part of an
acquisition of a business is not Section 197 intangible
property
QUESTION 12 A taxpayer places in service $55,000 of 5-year property on August 16, and $45.000 of 7-year property on December 2. Assuming the taxpayer elects not to take Section 179 expense of bonus depreciation on ether property, which of the following statements is correct? The taxpayer uses the half-year convention to depreciate the 5-year property, but uses the mid-quarter...
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