Homework Answers
As the life of the asset is five years and the LLC doesn't elect additional first year depreciation, so the largest possible deduction is $560,000
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Kelly, LLC acquires machinery (five-year class asset) on February 1, 2018, at a cost of $2,700,000....
Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This...
Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under § 179. He claims the maximum additional first-year depreciation deduction. On September 15, 2019, Weston sells the machine. Determine Weston's cost recovery for 2017, 2018, and 2019.
Euclid acquires a 7-year class asset on May 9, 2019, for $124,800 (the only asset acquired...
Euclid acquires a 7-year class asset on May 9, 2019, for $124,800 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid’s cost recovery deduction for 2019 and 2020. 2019: $ 2020: $
Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This...
Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under § 179. He claims the maximum additional first-year depreciation deduction. On September 15, 2019, Weston sells the machine. Click here to access the depreciation tables in the textbook. If required, round your answers to the nearest dollar. a. Determine Weston’s cost recovery for 2017 and 2018. b. Determine...
Hamlet acquires a 7-year class asset on November 23, 2019, for $264,600 (the only asset acquired during the year). Hamle...
Hamlet acquires a 7-year class asset on November 23, 2019, for $264,600 (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. Use the Depreciation Table for this Problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction for 2019 and 2020. 2019: $ 2020: $
Problem 8-34 (LO. 2) Weston acquires a new office machine (seven-year class asset) on August 2,...
Problem 8-34 (LO. 2) Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under § 179. He claims the maximum additional first-year depreciation deduction. On September 15, 2019, Weston sells the machine. Click here to access the depreciation tables in the textbook. If required, round your answers to the nearest dollar. a. Determine Weston's cost recovery for 2017...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A В с Total January 10 July 5 November 15 $ 106,000 70,000 1,950,000 $ 2.126.000 Audra elects Code Section 179 treatment for Asset C. Her taxable income from her business would not create a limitation for purposes of the Code Section 179 deduction. Audra does not claim any available additional first-year depreciation deduction. Determine her total cost recovery deduction (including the Code Section 179...
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...
Chandler acquired the following new assets during 2019: Asset Cost Date February 1 September 3 December...
Chandler acquired the following new assets during 2019: Asset Cost Date February 1 September 3 December 1 Agricultural machinery and equipment Calculators Trucks (not subject to any depreciation limitation) $75,000 18,000 95,000 Chandler does not elect immediate expensing under $ 179 but takes the additional first-year depreciation for the agricultural machinery and equipment and calculators. Click here to access the depreciation table to use for this problem. a. What MACRS convention applies to the assets? Mid-quarter b. What class of...
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 $281,400 (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...
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?
Problem 8-34 (LO. 2) Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under § 179. He claims the maximum additional first-year depreciation deduction. On September 15, 2019, Weston sells the machine. Click here to access the depreciation tables in the textbook. If required, round your answers to the nearest dollar. a. Determine Weston's cost recovery for 2017...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A В с Total January 10 July 5 November 15 $ 106,000 70,000 1,950,000 $ 2.126.000 Audra elects Code Section 179 treatment for Asset C. Her taxable income from her business would not create a limitation for purposes of the Code Section 179 deduction. Audra does not claim any available additional first-year depreciation deduction. Determine her total cost recovery deduction (including the Code Section 179...
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...
Chandler acquired the following new assets during 2019: Asset Cost Date February 1 September 3 December 1 Agricultural machinery and equipment Calculators Trucks (not subject to any depreciation limitation) $75,000 18,000 95,000 Chandler does not elect immediate expensing under $ 179 but takes the additional first-year depreciation for the agricultural machinery and equipment and calculators. Click here to access the depreciation table to use for this problem. a. What MACRS convention applies to the assets? Mid-quarter b. What class of...
Exercise 8-22 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2019, for $281,400 (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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