in August 2017 Richard purchased and placed in service and office building cost in 700 $53,000 including $134,000 for the land the amount of disparate depreciation Richard McClain in 2017 is what
in August 2017 Richard purchased and placed in service and office building cost in 700 $53,000...
In August 2017, Richard purchased and placed in service an office building costing $753000 including $134000 for the land. The amount of depreciation Richard May claim in 2017 is A) 5961 B) 7286 C) 7366 D) 8443 □Mark for follow up Question 30 of 75 Which of the following distributions from a Coverdell Education Savings Account (ESA) is most likely to be taxa O A distribution that is a return of investment, used to pay qualifying education O A distribution...
Frank Investor purchased an office building (including land) for $2,000,000 and placed it in service on June 27, 2019. The land is valued at $1,200,000, and the building is valued at $800,000. Frank depreciated the property under MACRS GDS. What is Frank’s depreciation deduction for 2019?
Farrah Investor purchased an apartment building (including land) for $2,000,000 and placed it in service on December 27, 2017. The land is valued at $1,000,000, and the building is valued at $1,000,000. Farrah depreciated the property under MACRS GDS. What is Farrah's tax depreciation deduction for 2017?
*the office building is nonresidential* 3. MACRS. (Obj. 1) Florence placed in service the following properties during 2018. Compute Florence's total depreciation expense for 2018 and 2019, assuming that she elects to expense 50 percent of the cost of qualifying property. She elects out of bonus depreciation. The machine, equipment, and furniture are 7-year property. Type of Property Machine Equipment Furniture Office building Date Placed in Service March 3, 2018 June 8, 2018 August 15, 2018 October 4, 2018 Cost...
Question 33 of 75 In April 2017, Reiko purchased and placed a rental house in service. She paid $184,000, including $27,000 for the land. Compute her 2017 depreciation on the rental. O $3,531 O $4,044 O $4,138 O $4,738 Mark for follow up
Mark for follow up Question 4 of 30. Derek purchased an office building in 2017 for $150,000 (including land value of $35,000). Which of the following items decreases his basis? O O O O $1,500 cost of lawn maintenance. $4,300 depreciation claimed. $5,000 spent to repair roof damage from a hailstorm. $3,000 assessment by Derek's local government for extending water lines to the property.
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.
Cactus Company purchased a new machine on August 1, 2017. At that time, the original cost of the machine was recorded at $180,000 with an estimated salvage value of $40,000. Total service hours expected for this machine is 100,000. During 2017, the machine was used for 825 hours. During 2018, the machine was used for 3,115 hours. What is the amount of depreciation expense recorded by Cactus Company on their year-end 2018 Income Statement? What is the balance of the...
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?
7. Prepare a depreciation schedule to be used for tax purposes for a $1,170,000 office building. The office building is placed in service in the fifth month of the company's tax year. The cost of the land is not included in the $1,170,000. Tgnore any special depreciation allowances. (10 points)