Homework Answers
| 1 | Depreciation if the building is purchased on June 30, 1992? | ||||
| Mid-month convention is used for the Real property. The property is deemed to be in service for 9.5 months | |||||
| in the year of sale which will result in a depreciation of 2.513% [3.174% x (9.5 / 12)] using Table A10-8. | |||||
| Therefore, the depreciation deduction = | $ 500000 x 2.513% | ||||
| = | 12565 | ||||
| 2 | Depreciation if the building is purchased on June 30, 1994? | ||||
| Mid-month convention is used for the Real property. The property is deemed to be in service for 9.5 months | |||||
| in the year of sale which will result in a depreciation of 2.030% [2.564% x (9.5 / 12)] using Table A10-9. | |||||
| Therefore, the depreciation deduction = | $ 500000 x 2.030% | ||||
| = | 10150 | ||||
Add Answer to:
Guadalupe purchases an office building to use in her business at a cost of $520,000. She...
On October 21, 2018, Jay purchased a commercial building. The cost basis assigned to the building...
On October 21, 2018, Jay purchased a commercial building. The cost basis assigned to the building is $700,000. Jay also owns a residential apartment building he purchased on June 15, 2017 with a cost basis of $500,000. a. Calculate Jay's total depreciation deduction for the buildings for 2018, using MACRS. b. Calculate Jay's total depreciation deduction for the commercial building for 2019, using MACRS.
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (Including $179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn't want to take bonus depreciation for 2019 or 2020) In the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) The vehicle...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) Table 1...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
d. The vehicle cost $80,000, and she used it 80 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
e. The vehicle cost $80,000, and she used it 20 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all) a. The vehicle cost $$31,600 and business use is 100 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a) The...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) f. The...
In 2020, RayeAnn acquires a car for $12,600. She uses the car in her advertising business...
In 2020, RayeAnn acquires a car for $12,600. She uses the car in her advertising business and for personal purposes. Her records indicate the car is used 70% for business and that her total annual operating expenses, including depreciation, are $4,000. Round intermediate computations and final tax liability to the nearest dollar. a. How should RayeAnn treat the operating costs of the car for tax purposes? % of RayeAnn's expenses are treated as a business expense. She can deduct $...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (Including $179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn't want to take bonus depreciation for 2019 or 2020) In the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
d. The vehicle cost $80,000, and she used it 80 percent...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
e. The vehicle cost $80,000, and she used it 20 percent...
In 2020, RayeAnn acquires a car for $12,600. She uses the car in her advertising business and for personal purposes. Her records indicate the car is used 70% for business and that her total annual operating expenses, including depreciation, are $4,000. Round intermediate computations and final tax liability to the nearest dollar. a. How should RayeAnn treat the operating costs of the car for tax purposes? % of RayeAnn's expenses are treated as a business expense. She can deduct $...
Most questions answered within 3 hours.
-
What is the wavelength, in cm, of a microwave having a frequency
of 3.44 x 10^9...
asked 2 minutes ago -
A new business venture must develop a comprehensive business
plan to borrow money to get started....
asked 4 minutes ago -
Madtack Company uses a job-order costing system and started the month
of March with only one...
asked 6 minutes ago -
Describe how to distinguish true motility from brownian motion
and fluid flow when viewing a wet...
asked 10 minutes ago -
A manufacturer of game controllers is concerned that its
controller may be difficult for left-handed users....
asked 12 minutes ago -
Water at gauge pressure of 3.8 atmospheres at street level
enters an office building at 0.60...
asked 26 minutes ago -
Quick question, I want to know how to convert decimal numbers to
binary number, when i...
asked 47 minutes ago -
You found out that now you are going to receive payments of
$8,500 for the next...
asked 50 minutes ago -
17.
Technician A says that leaking components are usually repaired
rather than replaced. Technician B says...
asked 51 minutes ago -
A) An Operon is:?
1- A gene that affect another gene
transcription.
2. A gene coding...
asked 58 minutes ago -
When opening a file, use this method to determine whether a file
exists before you attempt...
asked 1 hour ago -
Sales total $300,000 when variable costs total $180,000 and
fixed costs are $60,000. Breakeven sales total:...
asked 1 hour ago