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Exhibit 8.3 MACRS Accelerated Depreciation for Personal Property Assuming Half- Year Convention (Percentage Rates) For Property...
On April 5, 2019, Kinsey places in service a new passenger automobile that cost $60,000. The...
On April 5, 2019, Kinsey places in service a new passenger automobile that cost $60,000. The car is used 100% for business in each tax year. Kinsey uses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume Kinsey elects any available additional first-year depreciation. The maximum depreciation allowed for 2019 is $ 12000 X and for 2020 is S 16000 20 5 Hint(s) EXHIBIT 8.4 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention...
Question 3 (10 points): Using the Modified Accelerated Cost Recovery method (table A-1), calculate the depreciation...
Question 3 (10 points):
Using the Modified Accelerated Cost Recovery method (table A-1),
calculate the depreciation of $2,500,000 property for 7-year half
-year convention. Note: you just need to calculate the
depreciation; you do not need to use it in any further
calculations.
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 20.00% 32.00 19.20 11.52 11.52 14.29% 24.49 17.49 12.49 8.93...
THIS IS BASED ON 5 YEAR DEPRECIATION. 2. In plain English, explain how depreciation was calculated...
THIS IS BASED ON 5 YEAR DEPRECIATION.
2. In plain English, explain how depreciation was calculated for
years 1-3.
3)In plain English, explain how depreciation was calculating for
years 4-6
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 7.41 20.00% 32.00 19.20 14.29% 24.49 17.49 12.49 8.93 10.00% 18.00 14.40 11.52 9.22 5.00% 9.50 8.55 7.70 6.93 3.750% 7.219 6.677 6.177...
vaughn Corporation purchased an asset at a cost of $56,250 on March 1, 2020. The asset has a useful life of 8 years and...
vaughn Corporation purchased an asset at a cost of $56,250 on March 1, 2020. The asset has a useful life of 8 years and a salvage value of $4,500. For tax purposes, the MACRS class life is 5 years. Recovery Year 3-year (200% DB) 5-year (200% DB) 7-year (200% DB) 10-year (200% DB) 15-year (150% DB) 20-year (150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.29 18.00 9.50 7.219 3 14.81* 19.20 17.49 14.40 8.55 6.677 ...
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,462,500 on...
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,462,500 on June 6, 2019. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including $179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1) (Round final answer to the nearest whole number.) Multiple Choice $494,791 $1,011073 $459,430. None of the choices are correct $686.930 Table 1 MACRS Half-Year Convention 20-Year Year 1 3.750% Year 2 7.219 Depreciation Rate...
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery...
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 20.00% 32.00 19.20 11.52 11.52 14.29% 24.49 17.49 12.49 8.93 10.00% 18.00 14.40 11.52 9.22 5.00% 9.50 8.55 7.70 6.93 3.750% 7.219 6.677 6.177 5.713 7.41 5.76 8.92 8.93 4.46 7.37 6.55 6.55 6.56 6.55 6.23 5.90 5.90 5.91 5.90 5.285 4.888 4.522 4.462 4.461 3.28 5.91 5.90 5.91 4.462 4.461 4.462 4.461...
Please refer to IRS Publication 946 2. In plain English, explain how depreciation was calculated for...
Please refer to IRS Publication 946
2. In plain English, explain how depreciation was calculated for
years 1-3.
3. In plain English, explain how depreciation was calculating
for years 4-6 (Hint: See MACRS4 solution, end-of-year basis for
year 3; divide by 5, but you must explain why you divided by
5).
4. Additional comments (optional):
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period 3-year 5-year 7-year 10-year 15-year Year 20-year 33.33%...
In plain English, explain how depreciation was calculated for years 1-3, for the 5-year column 3....
In plain English, explain how depreciation was calculated for
years 1-3, for the 5-year column
3. In plain English, explain how depreciation was calculating
for years 4-6 (Hint: See MACRS4 solution, end-of-year basis for
year 3; divide by 5, but you must explain why you divided by
5).
Depreciation rate for recovery period Year 3-year 10-year 20-year 5-year 7-year 15-year 20.00% 14.29% 10.00% 5.00% 3.750% 33.33% 24.49 18.00 9.50 7.219 44.45 32.00 14.81 19.20 17.49 14.40 8.55 6.677 3 4...
Sheffield Corporation purchased an asset at a cost of $58,750 on March 1, 2020. The asset...
Sheffield Corporation purchased an asset at a cost of $58,750 on March 1, 2020. The asset has a useful life of 8 years and a salvage value of $4,700. For tax purposes, the MACRS class life is 5 years. MACRS Depreciation Rates by Class of Property Recovery Year 3-year (200% DB) 5-year (200% DB) 7-year (200% DB) 10-year (200% DB) 15-year (150% DB) 20-year (150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.29 18.00 9.50 7.219 ...
Metlock Corporation purchased an asset at a cost of $50,000 on March 1, 2020. The asset has a useful life of 8 years and...
Metlock Corporation purchased an asset at a cost of $50,000 on March 1, 2020. The asset has a useful life of 8 years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years. MACRS Depreciation Rates by Class of Property Recovery Year 3-year (200% DB) 5-year (200% DB) 7-year (200% DB) 10-year (200% DB) 15-year (150% DB) 20-year (150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.29 18.00 9.50 7.219 ...
On April 5, 2019, Kinsey places in service a new passenger automobile that cost $60,000. The car is used 100% for business in each tax year. Kinsey uses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Assume Kinsey elects any available additional first-year depreciation. The maximum depreciation allowed for 2019 is $ 12000 X and for 2020 is S 16000 20 5 Hint(s) EXHIBIT 8.4 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention...
Question 3 (10 points):
Using the Modified Accelerated Cost Recovery method (table A-1),
calculate the depreciation of $2,500,000 property for 7-year half
-year convention. Note: you just need to calculate the
depreciation; you do not need to use it in any further
calculations.
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 20.00% 32.00 19.20 11.52 11.52 14.29% 24.49 17.49 12.49 8.93...
THIS IS BASED ON 5 YEAR DEPRECIATION.
2. In plain English, explain how depreciation was calculated for
years 1-3.
3)In plain English, explain how depreciation was calculating for
years 4-6
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 7.41 20.00% 32.00 19.20 14.29% 24.49 17.49 12.49 8.93 10.00% 18.00 14.40 11.52 9.22 5.00% 9.50 8.55 7.70 6.93 3.750% 7.219 6.677 6.177...
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,462,500 on June 6, 2019. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including $179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1) (Round final answer to the nearest whole number.) Multiple Choice $494,791 $1,011073 $459,430. None of the choices are correct $686.930 Table 1 MACRS Half-Year Convention 20-Year Year 1 3.750% Year 2 7.219 Depreciation Rate...
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period Year 3-year 5-year 7-year 10-year 15-year 20-year 33.33% 44.45 14.81 20.00% 32.00 19.20 11.52 11.52 14.29% 24.49 17.49 12.49 8.93 10.00% 18.00 14.40 11.52 9.22 5.00% 9.50 8.55 7.70 6.93 3.750% 7.219 6.677 6.177 5.713 7.41 5.76 8.92 8.93 4.46 7.37 6.55 6.55 6.56 6.55 6.23 5.90 5.90 5.91 5.90 5.285 4.888 4.522 4.462 4.461 3.28 5.91 5.90 5.91 4.462 4.461 4.462 4.461...
Please refer to IRS Publication 946
2. In plain English, explain how depreciation was calculated for
years 1-3.
3. In plain English, explain how depreciation was calculating
for years 4-6 (Hint: See MACRS4 solution, end-of-year basis for
year 3; divide by 5, but you must explain why you divided by
5).
4. Additional comments (optional):
Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Year Convention Depreciation rate for recovery period 3-year 5-year 7-year 10-year 15-year Year 20-year 33.33%...
In plain English, explain how depreciation was calculated for
years 1-3, for the 5-year column
3. In plain English, explain how depreciation was calculating
for years 4-6 (Hint: See MACRS4 solution, end-of-year basis for
year 3; divide by 5, but you must explain why you divided by
5).
Depreciation rate for recovery period Year 3-year 10-year 20-year 5-year 7-year 15-year 20.00% 14.29% 10.00% 5.00% 3.750% 33.33% 24.49 18.00 9.50 7.219 44.45 32.00 14.81 19.20 17.49 14.40 8.55 6.677 3 4...
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