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If additional first year depreciation is @100%, i.e. USD 50,000 then the cost recovery deduction will be USD 50,000
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James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23,...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
QUESTIONS James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost...
QUESTIONS James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost of $40,000. James takes additional first year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2020 a $8,333 b. $26,666 Oc$33,333 O d. 540,000 OeNone of the above QUESTION 9 On January 1, 2020, SymboNet Company completed its acquisition of NetOpen. As part of the acquisition, S2 million was allocated to goodwill. What is SymboNet's...
2. In 2017, Rose Company purchased one asset costing $38,400 and elected to expense the entire cost. However, Rose c...
2. In 2017, Rose Company purchased one asset costing $38,400 and elected to expense the entire cost. However, Rose could only deduct $21,000 of the Section 179 expense because of the taxable income limitation. In 2018, Rose purchased tangible personalty costing $990,000. Rose's 2018 taxable income without regard to any Section 179 deduction was $1,912,400. Compute Rosc's 2018 Section 179 deduction. A) $17,400 B) $1,000,000 C) $1,007,400 D) SO
2. In 2017, Rose Company purchased one asset costing $38,400 and...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under $ 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2020. Determine the cost recovery deduction for 2020. a. $19,133 b. $55,100 OC. $34,438 Od. $24,490 2. MC.08.062...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A В с Total January 10 July 5 November 15 $ 106,000 70,000 1,950,000 $ 2.126.000 Audra elects Code Section 179 treatment for Asset C. Her taxable income from her business would not create a limitation for purposes of the Code Section 179 deduction. Audra does not claim any available additional first-year depreciation deduction. Determine her total cost recovery deduction (including the Code Section 179...
4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a...
4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2019, at a cost of $13,000. Bonnie did not elect to expense either of the assets under 5 179, nor did she elect straight-line cost recovery. Bonnie takes additional first-year depreciation. Determine the cost recovery deduction for 2019 for these assets. a. $9,586 b. $7,858 Oc. $43,000 Od. $21,915...
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....
Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for...
Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for $40,000 on January 21, 2017. He purchased a new 5-year asset for $800,000 on May 20, 2017, and he purchased a warehouse for $2,000,000 on November 20, 2017. Assuming his taxable income before Section 179 expense is $700,000, calculate Scott's total cost recovery deduction for 2017 Scott's total cost recovery deduction for 2017:
In 2016, Oliver Co. purchased a business-use asset for $100,000. The asset has a 5-year ACS...
In 2016, Oliver Co. purchased a business-use asset for $100,000. The asset has a 5-year ACS GDS recovery period and is depreciated under MACRS GDS (no SL election). The asset was placed in service on October 10, 2016. This was the only asset that Oliverio. placed in service in 2016. Oliver Co. did not elect Section 179 deduction and elected out of Section 168(k) bonus depreciation. Oliver Co. sold the asset on February 1, 2019. What is the Oliver Co....
Problem 4 Scott purchased 3 assets for his business in 2017. He purchased a new 3-year...
Problem 4 Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for $40,000 on January 21, 2017. He purchased a new 5-year asset for $800,000 on May 20, 2017, and he purchased a warehouse for $2,000,000 on October 20, 2017. Assuming his taxable income before Section 179 expense is $700,000, calculate Scott's total cost recovery deduction for 2017. Scott's total cost recovery deduction for 2017:
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
QUESTIONS James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost of $40,000. James takes additional first year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2020 a $8,333 b. $26,666 Oc$33,333 O d. 540,000 OeNone of the above QUESTION 9 On January 1, 2020, SymboNet Company completed its acquisition of NetOpen. As part of the acquisition, S2 million was allocated to goodwill. What is SymboNet's...
2. In 2017, Rose Company purchased one asset costing $38,400 and elected to expense the entire cost. However, Rose could only deduct $21,000 of the Section 179 expense because of the taxable income limitation. In 2018, Rose purchased tangible personalty costing $990,000. Rose's 2018 taxable income without regard to any Section 179 deduction was $1,912,400. Compute Rosc's 2018 Section 179 deduction. A) $17,400 B) $1,000,000 C) $1,007,400 D) SO
2. In 2017, Rose Company purchased one asset costing $38,400 and...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under $ 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2020. Determine the cost recovery deduction for 2020. a. $19,133 b. $55,100 OC. $34,438 Od. $24,490 2. MC.08.062...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A В с Total January 10 July 5 November 15 $ 106,000 70,000 1,950,000 $ 2.126.000 Audra elects Code Section 179 treatment for Asset C. Her taxable income from her business would not create a limitation for purposes of the Code Section 179 deduction. Audra does not claim any available additional first-year depreciation deduction. Determine her total cost recovery deduction (including the Code Section 179...
4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2019, at a cost of $13,000. Bonnie did not elect to expense either of the assets under 5 179, nor did she elect straight-line cost recovery. Bonnie takes additional first-year depreciation. Determine the cost recovery deduction for 2019 for these assets. a. $9,586 b. $7,858 Oc. $43,000 Od. $21,915...
Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for $40,000 on January 21, 2017. He purchased a new 5-year asset for $800,000 on May 20, 2017, and he purchased a warehouse for $2,000,000 on November 20, 2017. Assuming his taxable income before Section 179 expense is $700,000, calculate Scott's total cost recovery deduction for 2017 Scott's total cost recovery deduction for 2017:
Problem 4 Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for $40,000 on January 21, 2017. He purchased a new 5-year asset for $800,000 on May 20, 2017, and he purchased a warehouse for $2,000,000 on October 20, 2017. Assuming his taxable income before Section 179 expense is $700,000, calculate Scott's total cost recovery deduction for 2017. Scott's total cost recovery deduction for 2017:
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