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.
Homework Answers
Answer
- The correct answer is Option #1 LAND does not qualify for the purpose of QBI deduction and it does not have an unadjusted basis immediately after acquisition.
- This is because UBIA for a qualified property means the basis
on the place in service date.
Qualified properties only include:
--Buildings
--Equipments
--Other tangible depreciable property held for use in trade or business. - LAND is not a depreciable assets and hence its not a qualified property for QBI deduction purposes.
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Exercise 10-16
Martinez Industries purchased the following assets and
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current year.
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Additional Information
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depreciation is recognised on a straight line basis, over 20 years
for buildings (estimated
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equipment. For tax purposes,
straight line depreciation is applied over 40, 10 and eight years
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Exercise 10-16
Martinez Industries purchased the following assets and
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Additional Information
1. All depreciable assets were acquired on 1 July 2015. For
financial reporting purposes,
depreciation is recognised on a straight line basis, over 20 years
for buildings (estimated
residual value $250,000), eight years for plant and 10 years for
equipment. For tax purposes,
straight line depreciation is applied over 40, 10 and eight years
respectively.
2. After reviewing all relevant information, the directors
determined that, at 30 June 2018, the
plant was impaired by $250,000 (this is not...
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