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KC Industries acquired a new 5-year asset on May 1. 2017 for a total cost of...
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....
2. Iris placed in service a new business asset (five-year property) on November 30, 2017, at...
2. Iris placed in service a new business asset (five-year property) on November 30, 2017, at a cost of $100,000. This was the only asset acquired by Iris during 2017. She did NOT elect to expense any of the asset cost under § 179. Iris elected OUT of bonus depreciation (therefore no additional first year depreciation). (a) Determine her cost recovery for 2017. (b) Determine cost recovery in 2018 (year 2) (c) Determine cost recovery in 2017 if bonus depreciation...
Sutton Inc. acquired a 10 year asset to which the half year convention applied. This was...
Sutton Inc. acquired a 10 year asset to which the half year convention applied. This was the only asset the company placed in service during the year. The taxpayer elected out of Section 179 expense deduction and additional depreciation. Neither the straight-line method nor the 150% declining balance method was elected. The cost of $10,000. What is the depreciation for the first year? A. $250, B. $1,000, C. $1,750, D. $2,000
Iris placed in service a new business asset (five-year property) on November 30, 2017, at a...
Iris placed in service a new business asset (five-year property) on November 30, 2017, at a cost of $100,000. This was the only asset acquired by Iris during 2017. She did NOT elect to expense any of the asset cost under § 179. Iris elected OUT of bonus depreciation (therefore no additional first year depreciation). Can you check if these are correct and help with 2c show work please. Determine her cost recovery for 2017. 100,000*.20= $20,000 is her...
Euclid acquires a 7-year class asset on May 9, 2019, for $124,800 (the only asset acquired...
Euclid acquires a 7-year class asset on May 9, 2019, for $124,800 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid’s cost recovery deduction for 2019 and 2020. 2019: $ 2020: $
Maryland Corp purchased a 10 year asset in January for $200,000. This was the only asset...
Maryland Corp purchased a 10 year asset in January for $200,000. This was the only asset the company placed in service during that year. Neither the straight line method nor the 150% declining balance method was elected. The company elects out of bonus depreciation and the Section 179 expense deduction. Maryland Corp sold the 10 year property in February of Year 5. What is the depreciation allowable in the year of sale?
Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This...
Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate expensing under § 179. He claims the maximum additional first-year depreciation deduction. On September 15, 2019, Weston sells the machine. Determine Weston's cost recovery for 2017, 2018, and 2019.
Section 179. In May 2019, Riddick Enterprises placed in service new 7 year property costing $1,100,000...
Section 179. In May 2019, Riddick Enterprises placed in service new 7 year property costing $1,100,000 and new 5 year property costing $1,100,000. These are the only two properties Riddick placed in service during the year. Riddick elects out of bonus depreciation. a. Compute Riddick's total depreciation expense deduction assuming Riddick uses regular MACRS and elects to take the maximum Section 179 expense on the 5 year property. b. Compute Riddick's total depreciation expense deduction assuming Riddick uses regular MACRS...
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....
Heidi Inc, acquired a 15 year asset for $100,000. The mid-quarter convention applied to this asset,...
Heidi Inc, acquired a 15 year asset for $100,000. The mid-quarter convention applied to this asset, which was acquired in the second quarter. The straight line method was not elected. The company elects out of bonus depreciation and the Section 179 expense deduction. What is the depreciation for Year 6 if it was sold on August 1? A. $2,246, B. $2,995, C. $3,844, D. $5,990
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