On May 28, 2019, Marty purchased and placed into service a new $20,000 car. The car...
On May 28, 2019, Marty purchased and placed into service a new $20,000 car. The car was used 40% for business, 30% for production of income and 30% for personal use. Compute Marty's cost recovery deduction for 2019.
Homework Answers
Add Answer to:
On May 28, 2019, Marty purchased and placed into service a new
$20,000 car. The car...
Tax Problem On February 2, 2018, Katie purchased and placed in service a new $18,500 car....
Tax Problem On February 2, 2018, Katie purchased and placed in service a new $18,500 car. The car was used 65% for business, 5% for production of income, and 30% for personal use in 2018. In 2019, the usage changed to 40% for business, 15% for production of income, and 45% for personal use. Katie did not elect immediate expensing under § 179. She elects not to take additional first-year depreciation. If required, round your answers to the nearest dollar....
6). Nora purchased a new automobile on July 20, 2019, for $29,000. The car was used...
6). Nora purchased a new automobile on July 20, 2019, for $29,000. The car was used 60% for business and 40% for personal use. In 2020, the car was used 30% for business and 70% for personal use. Nora elects not to take additional first-year depreciation. Determine the cost recovery recapture and the cost recovery deduction for 2020.
On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price...
On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price was $52,000. This was the only business-use asset Andrew acquired in 2019. He used the car 85% of the time for business and 15% for personal use and maintains proper documentation of use. Andrew would like to deduct the maximum amount possible. Calculate the total deduction Andrew can take with respect to the car for 2019. Kendra Brown, a sole proprietor, acquires a new...
Problem 8-46 (Algorithmic) (LO. 4) On March 30, 2018, Leo purchased and placed in service a new car that cost $64,2...
Problem 8-46 (Algorithmic) (LO. 4) On March 30, 2018, Leo purchased and placed in service a new car that cost $64,200. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS Convention applies to the new car? Half-year...
2019 tax law applies On June 1, 2019, James places in service a new automobile that...
2019 tax law applies
On June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60 % for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
Problem 6-44 (LO 6-3) On February 4, 2018, Jackie purchased and placed in service a car...
Problem 6-44 (LO 6-3) On February 4, 2018, Jackie purchased and placed in service a car she purchased for $23,400. The car was used exclusively for her business. Compute Jackie's cost recovery deduction in 2018 assuming no $179 expense but the bonus was taken: (Use Table 6A-1 and Luxury Automobile Depreciation) Jackie's cost recovery deduction
2019 tax law applies Un June 1, 2019, James places in service a new automobile that...
2019 tax law applies
Un June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 - Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,0...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,000. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase price...
On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the vehicle...
On June 1, 2018, Irene places in service a new automobile that cost $21,000. The car...
On June 1, 2018, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a.$4,704 b.$3,290 d.$10,000
6). Nora purchased a new automobile on July 20, 2019, for $29,000. The car was used 60% for business and 40% for personal use. In 2020, the car was used 30% for business and 70% for personal use. Nora elects not to take additional first-year depreciation. Determine the cost recovery recapture and the cost recovery deduction for 2020.
Problem 8-46 (Algorithmic) (LO. 4) On March 30, 2018, Leo purchased and placed in service a new car that cost $64,200. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS Convention applies to the new car? Half-year...
2019 tax law applies
On June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60 % for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
Problem 6-44 (LO 6-3) On February 4, 2018, Jackie purchased and placed in service a car she purchased for $23,400. The car was used exclusively for her business. Compute Jackie's cost recovery deduction in 2018 assuming no $179 expense but the bonus was taken: (Use Table 6A-1 and Luxury Automobile Depreciation) Jackie's cost recovery deduction
2019 tax law applies
Un June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 - Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,000. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
Most questions answered within 3 hours.
-
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 4 minutes ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 49 minutes ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 50 minutes ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 57 minutes ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 1 hour ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 1 hour ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 1 hour ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 1 hour ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 1 hour ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 1 hour ago -
5-6. You are considering three investment alternatives for some
spare cash: Old Reliable Corporation stock (A1),...
asked 1 hour ago -
Problem 16-02
Receivables Investment
Medwig Corporation has a DSO of 45 days. The company averages
$7,250...
asked 1 hour ago