Homework Answers
| Answer | |
| Patent | $ 1,567 |
| ($94,000/15 years x 3/12) | |
| Goodwill | $ 9,400 |
| ($564,000/15 years × 3/12) | |
| Total | $10,967 |
| The buyer is allowed to amortize a section 197 intangible over 15 years. | |
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Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase...
Exercise 8-28 (Algorithmie) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase...
Exercise 8-28 (Algorithmie) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $120,000 is allocated to a patent and $720,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. 6,250 x
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a...
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a patent and $120,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction $ 7,417 x Check My Wor Taxpayers can daim an amortization deduction on intangible assets called "amortizable 5 197 intangibles." Ched My Work 1 more Check My Work remaining | 8 9 0
On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to...
On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to a patent and $375,000 is allocated to goodwill. Calcu-late Priscilla’s 2019 § 197 amortization deduction
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1,...
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1, 2019. He paid the following amounts for the business: Finced assets 290,800 Goodwill 58,160 Covenant not to compete 72,700 Total $421,660 a. How much of the $421,660 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,480,500. At that time, the remaining recoverable units in the mineral Interest are estimated to be 632,000 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 80,000 tons are mined and 75,000 tons are sold this year, calculate Parscale's cost depletion for 2019, $ 1,006,389
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in...
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in 2019. The taxable income of the business for the year is $114,900 before consideration of any $ 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's 5 179 expense deduction for 2019 and any carryover to 2020. $ 179 expense deduction for 2019: $ $ 179 carryover to 2020: $ b. How would your answer change if McKenzie decided to use...
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in...
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in 2019. The taxable income of the business for the year is $11,200 before consideration of any § 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's $ 179 expense deduction for 2019 and any carryover to 2020. $ 179 expense deduction for 2019: $ 5,600 X $ 179 carryover to 2020: $ 206,400 X b. How would your answer change if...
eBook Calculator Print Item Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from...
eBook Calculator Print Item Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from self-employment of $156,300. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI Income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is and she has a s deduction for AGI.
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $189,000 (the only asset acquired during the year). Hamlet does not elect immediate expensing under $ 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction...
Exercise 8-28 (Algorithmie) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $120,000 is allocated to a patent and $720,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. 6,250 x
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a patent and $120,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction $ 7,417 x Check My Wor Taxpayers can daim an amortization deduction on intangible assets called "amortizable 5 197 intangibles." Ched My Work 1 more Check My Work remaining | 8 9 0
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1, 2019. He paid the following amounts for the business: Finced assets 290,800 Goodwill 58,160 Covenant not to compete 72,700 Total $421,660 a. How much of the $421,660 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,480,500. At that time, the remaining recoverable units in the mineral Interest are estimated to be 632,000 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 80,000 tons are mined and 75,000 tons are sold this year, calculate Parscale's cost depletion for 2019, $ 1,006,389
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in 2019. The taxable income of the business for the year is $114,900 before consideration of any $ 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's 5 179 expense deduction for 2019 and any carryover to 2020. $ 179 expense deduction for 2019: $ $ 179 carryover to 2020: $ b. How would your answer change if McKenzie decided to use...
Exercise 8-26 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $473,800 in 2019. The taxable income of the business for the year is $11,200 before consideration of any § 179 deduction. If an amount is zero, enter "0". a. Calculate McKenzie's $ 179 expense deduction for 2019 and any carryover to 2020. $ 179 expense deduction for 2019: $ 5,600 X $ 179 carryover to 2020: $ 206,400 X b. How would your answer change if...
eBook Calculator Print Item Exercise 11-9 (Algorithmic) (LO. 6) In 2019, Miranda records net earnings from self-employment of $156,300. She reports no other gross income. Determine the amount of Miranda's self-employment tax and her for AGI Income tax deduction. In your computations round all amounts to two decimal places. Round your final answers to the nearest dollar. Miranda's self-employment tax is and she has a s deduction for AGI.
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $189,000 (the only asset acquired during the year). Hamlet does not elect immediate expensing under $ 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction...
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