Homework Answers
| Equipment used in trade or business is eligible for deduction under section 179. | |||||||
| However section179 deduction is limited up to taxable income for that year | |||||||
| Therefore duction under section 179 would be $10000 | |||||||
| Correct Option: c | |||||||
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Office equipment in the amount of $15,000 was purchased and placed in service during the current...
Various equipment was purchased and placed in service this year in the amount of $3,000,000. Taxable...
Various equipment was purchased and placed in service this year in the amount of $3,000,000. Taxable income before the 179 deduction was $400,000, Indicate the amount of deduction under the Section 179 election, $570,000 a b. No 179 election is allowed c. $1,020,000 $450,000 d. $2,550,000
Land was purchased for $150,000 and placed in service during the current year. Taxable income before...
Land was purchased for $150,000 and placed in service during the current year. Taxable income before the 179 deduction was $300,000. Indicate the amount of a deduction under the Section 179 election a $150,000 $300,000 b. $30,000 d. No 179 election is allowed.
Assume that the Section 179 deduction limit is $1,000,000 and that businesses exceeding a total of...
Assume that the Section 179
deduction limit is $1,000,000 and that businesses exceeding a total
of $2,500,000 in purchases of qualifying personal property will
have the Section 179 deduction phase-out dollar-for-dollar. Also
assume that the taxpayer has elected out of any bonus depreciation.
Please treat each item separately.
1. Equipment in the amount of $300,000 was purchased and placed in service during the current year. Taxable income before the 179 deduction was $900,000. No other personal or real property was...
Kaytlan purchased and placed in service a new $2,870,000 five-year class asset on October 1, 2019....
Kaytlan purchased and placed in service a new $2,870,000 five-year class asset on October 1, 2019. Assume this was the only asset purchased in 2019. Kaytlan elected to take the maximum Section 179 expense deduction allowed but elected NOT to take additional first-year (bonus) depreciation. Kaytlan’s taxable income for 2019 before the cost recovery on this asset was $600,000. Be sure to show all of your calculations for each numbered item!! You must complete the assignment on this worksheet! 1....
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life)...
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2019, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2019, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2019 is $50,000. Jack...
In 2016, Olga Co. purchased a piece of business-use equipment for $100,000. The equipment has a...
In 2016, Olga Co. purchased a piece of business-use equipment for $100,000. The equipment has a 7-year MACRS GDS recovery period and is depreciated under MACRS GDS (no SL election). The equipment was placed in service on September 10, 2016. This was the only asset that Olga Co. placed in service in 2016. Olga Co. did not elect Section 179 deduction and elected out of Section 168(k) bonus depreciation. What is Olga Co.'s depreciation deduction for 2016 (the year the...
On May 31, 2017, Javier Sanchez purchased and placed in service a 7-year class asset costing...
On May 31, 2017, Javier Sanchez purchased and placed in service a 7-year class asset costing $698,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). Compute the maximum deductions (including first year additional depreciation) that Javier Sanchez can claim with respect to this asset in 2017 and 2018. If required round your intermediate computations and final answers to the nearest dollar. Click here to access the depreciation table to use for...
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a...
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a 7-year MACRS GDS recovery period and is depreciated under MACRSGDS (no SL election). The equipment was placed in service on September 10, 2020. This was the only asset that Oscar Co. placed in service in 2020. Oscar Co. did not electSection 179 deductions. Oscar Co. did not elect out of Section 168(k) bonus depreciation. What will Oscar’s depreciation deduction be for 2021?
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a...
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a 7-year MACRS GDS recovery period and is depreciated under MACRSGDS (no SL election). The equipment was placed in service on September 10, 2020. This was the only asset that Oscar Co. placed in service in 2020. Oscar Co. did not electSection 179 deductions. Oscar Co. did not elect out of Section 168(k) bonus depreciation. What is Oscar Co.'s total depreciation deduction for 2020?
Tax Drill - Section 179 For his business, McKenzie purchased qualifying equipment that cost $212,000 in...
Tax Drill - Section 179 For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. If an amount is zero, enter "0" a. McKenzie's § 179 expense deduction is $ 5,600 for 2019. His § 179 carryover to 2020 is $ 206,400 b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment?...
Various equipment was purchased and placed in service this year in the amount of $3,000,000. Taxable income before the 179 deduction was $400,000, Indicate the amount of deduction under the Section 179 election, $570,000 a b. No 179 election is allowed c. $1,020,000 $450,000 d. $2,550,000
Land was purchased for $150,000 and placed in service during the current year. Taxable income before the 179 deduction was $300,000. Indicate the amount of a deduction under the Section 179 election a $150,000 $300,000 b. $30,000 d. No 179 election is allowed.
Assume that the Section 179
deduction limit is $1,000,000 and that businesses exceeding a total
of $2,500,000 in purchases of qualifying personal property will
have the Section 179 deduction phase-out dollar-for-dollar. Also
assume that the taxpayer has elected out of any bonus depreciation.
Please treat each item separately.
1. Equipment in the amount of $300,000 was purchased and placed in service during the current year. Taxable income before the 179 deduction was $900,000. No other personal or real property was...
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2019, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2019, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2019 is $50,000. Jack...
Tax Drill - Section 179 For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. If an amount is zero, enter "0" a. McKenzie's § 179 expense deduction is $ 5,600 for 2019. His § 179 carryover to 2020 is $ 206,400 b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment?...
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