ZuoTi.Pro
Question

Kannon is a small business owner whose income is reported on Schedule C. He placed his...

Kannon is a small business owner whose income is reported on Schedule C. He placed his light truck into service when he purchased it o February 14, 2016 for $28795. He did not claim any 179 expense or bonus depreciation. In 2018 he used the vehicle 55% for business. What is Kannon’s depreciation for the truck in 2018?

a. $0

b. $1669

c. $2288

d. $3041

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer is option D

D. $3041

light truck is classified as a 5-year property

As 2018, will be third year, macrs depreication rate of light truck which 5-year property is 19.20%

Deprecation = 28795*19.20%*55% = $3041

0 0
Add a comment
Know the answer?
Add Answer to:
Kannon is a small business owner whose income is reported on Schedule C. He placed his...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question 74 of 75. Holly is a small business owner whose income on when she purchased it on Janua...

    Question 74 of 75. Holly is a small business owner whose income on when she purchased it on January 1, 2018 for $24,000. She did not claim an depreciation. In 2018, she drove her vehicle 9,600 miles for business, Holly's depreciation for the car in 2018? any $179 expense, but she did claim bonus 5,200 commuting miles, and a total of 18,000. What is s reported on Schedule C. She placed her 2016 Honda Accord into service o $9,600 $12,000...

  • calculate actual vehicle expenses for Salomon, a small business owner whose income is reported on Schedule...

    calculate actual vehicle expenses for Salomon, a small business owner whose income is reported on Schedule C. he drove 24,531 miles in his fully depreciated 2009 Miata. the vehicle is used solely for business .his expenses include; $2,453 gas $320 oil changes $900 insurance $106 personal property tax 498 tolls and parking $45 parking ticket $75 aouto club

  • Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring...

    Schedules K-1 Question 44 of 50. Which of the following is NOT an increase in figuring an S corporation shareholder's stock basis O Adjusted basis in property contributed to the corporation. O Money contributed to the corporation by the shareholder. O Shareholder's share of the corporation's annual income. O Money distributed to the shareholder. D Mark for follow up Question 45 of 50. An example of passive income is – O Income from real estate ventures for a non-real estate...

  • Axl purchased and placed in service the following fixed assets for his business: Furniture & fixtures...

    Axl purchased and placed in service the following fixed assets for his business: Furniture & fixtures (new) costing $21,000 on February 15, 2016 Computer equipment (new) costing $5,000 on February 10, 2016 Furniture & fixtures (used) costing $2,000 on November 1, 2016 Office building costing $200,000 on October 3, 2016 Axl has decided not to elect the immediate expensing under §179 but will take the additional first-year bonus depreciation where available. Show depreciation calculation.

  • Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both...

    Question 23 of 45. Lawrence operates a consulting business. He uses his personal vehicle for both business and personal use. He purchased his Toyota Highlander on July 4, 2017. for $35,000. Lawrence immediately began using it for his business. He did not claim special (bonus) depreciation or a $179 deduction. He keeps a specific mileage log for his business use. His mileage records for 2018 indicate that he drove his car a total of 17,824 miles with 4,839 miles of...

  • Michael is the sole proprietor of a small business. In June 2018, his business income is...

    Michael is the sole proprietor of a small business. In June 2018, his business income is $12,000 before consideration of any § 179 deduction. He spends $245,000 on furniture and equipment in 2018. If Michael elects to take the § 179 deduction and no bonus on a conference table that cost $25,000 (included in the $245,000 total), determine the maximum cost recovery for 2018 with respect to the conference table

  • Casper used the following assets in his Schedule C trade or business in the tax year...

    Casper used the following assets in his Schedule C trade or business in the tax year 2018. Casper is a new client and unfortunately does not have a copy of his prior year's tax return. He recalls that all of the assets purchased in prior years used MACRS depreciation (no §179 expense or bonus). Casper does not wish to take §179 or bonus depreciation. (Use Table 6A-1 and Table 6A-8) Calculate the current year depreciation allowance for Casper’s business. (Round...

  • In 2019 Toby Started a Schedule C business and placed in service the following two new 100% business use machines. Machi...

    In 2019 Toby Started a Schedule C business and placed in service the following two new 100% business use machines. Machine A (3 year class) on 2/15/19 cost of $87,000 Machine B (5 year class) on 11/7/19 cost of $163,000 No election is made to use the straight line method. Toby Elects not to take additional first year bonus depreciation. Toby's business profit, before any cost recovery (depreciation) deduction, is $300,000. 1. Calculate total cost recovery for 2019 if Toby...

  • 6. On March 20, Phillip moved his business out of the old offices at 1103 Allium...

    6. On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings. Phillip's expenditures for the new office building are as follows: Date Acquired & Placed into Service 3/20 Land 3/20 Office building 3/20 Furniture 4/1 Computer system Asset Cost $300,000 800,000 200,000 50,000 Phillip computes his cost recovery allowance using MACRS. He would like...

  • 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....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT