Depreciation on property and the 5 year MACRS class is claimed over a period of six...
Depreciation on property and the 5 year MACRS class is
claimed over a period of six tax years due to the half-year or mid-
quarter convention
True or false
Homework Answers
Solution: The answer is TRUE
Explanation:
1) Depreciation on property means depreciation on personal property but not depreciation on personal used property. Here we assumed that property means personal property like machinery, equipment etc. ( As per MACRS definition on property)
2) As per Half Year or Mid-Quarter Convention of MACRS, we will depreciate the 5 year class property over a period of 6 years.
3) So, the statement is true.
Add Answer to:
Depreciation on property and the 5 year MACRS class is
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3. A 5-year property class was purchased for $125,000.00. Compute the MACRS depreciation schedule.
3. A 5-year property class was purchased for $125,000.00. Compute the MACRS depreciation schedule.
3. A 5-year property class was purchased for $75,000.00. Compute the MACRS depreciation schedule.
3. A 5-year property class was purchased for $75,000.00. Compute the MACRS depreciation schedule.
3. A 5-year property class was purchased for $125,000.00. Compute the MACRS depreciation schedule.
3. A 5-year property class was purchased for $125,000.00. Compute the MACRS depreciation schedule.
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10 years 10% Rounded Depreciation Percentages by Recovery Year Using MACRS for First Four Property Classes...
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The MACRS basis of 5-year property acquired on January 13, 20X1 is $10,000. The property is sold on July 31, 20X3. If the half-year convention applies to personal property acquired in 20X1 and the regular (accelerated) MACRS method is used, depreciation expense for 20X3 is: O A. $2,000. O B. $1,920. O C. $1,600. D. $960. O E. $800.
10 3. A 5-year property class was depreciation schedule. purchased for $125,000.00. Compute the MACRS 5
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Using MACRS depreciation for a machine costing 90,000 falling the 5 year property class, find the...
Using MACRS depreciation for a machine costing 90,000 falling the 5 year property class, find the taxable income (not taxes) in years 1 through 6 based on year 1 revenue of 18,000 increasing by 6,000 each year and year 1 expenses of 12,000 increasing by 7,000 each year. The machines is paid for upfront with no loans.
what questions have the wrong answer selected?
QUESTION 15 1 points v Saved The half-year conventions used by the ACRS rules and the MACRS rules are the same True False QUESTION 16 1 points ✓ Saved Under MACRS rules, a mid-quarter convention is required if more than 40% of the value of personal property is placed in service during the fourth quarter of the year. True False QUESTION 17 1 points Saved For personal property placed in service after December...
3. A 5-year property class was purchased for $125,000.00. Compute the MACRS depreciation schedule.
3. A 5-year property class was purchased for $75,000.00. Compute the MACRS depreciation schedule.
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