21. Brenda bought in 2018 a passenger automobile for $15,000. The automobile is used 100% for...
Homework Answers
Ans ) $15000
§ 168(k)(6)(A) provides 100% of depreciation deduction allowed to passenger automobile (qualified Property)used in the business if acquired after September 27th 2017 and placed in service before January 1,2023.
Brenda bought Passenger automobile for $15000 in 2018, so $15000 is allowed as depreciation expense deduction.
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21. Brenda bought in 2018 a passenger automobile for $15,000.
The automobile is used 100% for...
Patrick purchased a used passenger automobile on June 1, 2018. He paid $19,000 for the automobile....
Patrick purchased a used passenger automobile on June 1, 2018. He paid $19,000 for the automobile. During 2018, he uses the automobile 75 percent of the time for business. Patrick wishes to claim the maximum amount of depreciation possible (no bonus depreciation or election to expense). a. Calculate Patrick's depreciation expense on the automobile for 2018. b. Calculate Patrick's depreciation expense on the automobile for 2019, assuming the same 75 percent business use.
On September 14, 2018, Jay purchased a passenger automobile that is used 75 percent in his...
On September 14, 2018, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $43,000, and Jay uses the accelerated method under MACRS. Jay does not elect to expense under section 179. Calculate Jay's depreciation deduction for 2018 assuming bonus depreciation.
During 2018, William purchases the following capital assets for use in his catering business: New passenger...
During 2018, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30) $52,900 Baking equipment (June 30) 15,870 Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile (which has a 5-year recovery period), and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation. Assume he has adequate...
Problem 8-8 Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation...
Problem 8-8 Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, 8.4, 8.5) During 2018, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30) $51,500 Baking equipment (June 30) 6,500 Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile (which has a...
An asset (not an automobile) placed in service in June 2018 has a depreciable basis of...
An asset (not an automobile) placed in service in June 2018 has a depreciable basis of $2,555,000, a recovery period of 5 years, and is the only asset placed in service during the year. Assuming bonus depreciation is not used, a half-year convention, and the expensing election is made for the maximum eligible amount, what is the amount of cost that can be deducted in 2018 assuming the business earned taxable income of $1,000,000 before deducting any cost recovery?
Marc Lusebrink, sole proprietor of Oak Company, bought a used automobile and drove it 13,120 miles...
Marc Lusebrink, sole proprietor of Oak Company, bought a used automobile and drove it 13,120 miles for business during 2018 and a total (including business miles) of 16,000 miles. His total expenses for his automobile for the year are: Gasoline $2,061 Oil changes 92 Insurance 1,030 Tires 225 Repairs 620 Total $4,028 The automobile cost $20,000 on January 1, and depreciation expense for the year, including business use, was $4,000. His business parking and toll fees for business amount to...
Marc Lusebrink, sole proprietor of Oak Company, bought a used automobile and drove it 13,120 miles...
Marc Lusebrink, sole proprietor of Oak Company, bought a used automobile and drove it 13,120 miles for business during 2018 and a total (including business miles) of 16,000 miles. His total expenses for his automobile for the year are: Gasoline $2,061 Oil changes 92 Insurance 1,030 Tires 225 Repairs 620 Total $4,028 The automobile cost $20,000 on January 1, and depreciation expense for the year, including business use, was $4,000. His business parking and toll fees for business amount to...
I can figure out how to calculate this. Can you show your work when calculating to...
I can figure out how to calculate this. Can you show
your work when calculating to help me understand?
Question 19 (1 point) What is the maximum depreciation, including bonus depreciation, in 2018 for a used automobile driven 100% for business that was acquired on July 2, 2018, for $28,000? Assume Section 179 is not elected and that this is the only property placed in service during the year. The vehicle has a gross vehicle weight rating under 6,000 pounds....
help please hi , what do you mean "need time "? thanks a depreciable basis of...
help please
hi
, what do you mean "need time "?
thanks
a depreciable basis of vention, no bonus hat is the maximum amount of LO 8.2 2. An asset (not an automobile) put in service in June 2018 has a depreciable bas $25,000 and a recovery period of 5 years. Assuming half-year convention, no be depreciation, and no election to expense is made, what is the maximum amou cost that can be deducted in 2018? a. $2,500 b. $5,000...
A taxpayer places a $1,050,000 5-year recovery period asset in service in 2019. This is the...
A taxpayer places a $1,050,000 5-year recovery period asset in service in 2019. This is the only asset placed in service in 2019. Assuming half-year convention, an election to expense under Section 179, and no income limitation, what is the amount of total cost recovery deduction (no bonus depreciation)? a. $1,000,000 b. $200,000 c. $1,050,000 d. $1,026,000 e. $210,000 An asset (not an automobile) put in service in June 2019 has a depreciable basis of $35,000 and a recovery period...
I can figure out how to calculate this. Can you show
your work when calculating to help me understand?
Question 19 (1 point) What is the maximum depreciation, including bonus depreciation, in 2018 for a used automobile driven 100% for business that was acquired on July 2, 2018, for $28,000? Assume Section 179 is not elected and that this is the only property placed in service during the year. The vehicle has a gross vehicle weight rating under 6,000 pounds....
help please
hi
, what do you mean "need time "?
thanks
a depreciable basis of vention, no bonus hat is the maximum amount of LO 8.2 2. An asset (not an automobile) put in service in June 2018 has a depreciable bas $25,000 and a recovery period of 5 years. Assuming half-year convention, no be depreciation, and no election to expense is made, what is the maximum amou cost that can be deducted in 2018? a. $2,500 b. $5,000...
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