Homework Answers
| Machinery (§179 expense should be used for the asset with the lowest first year depreciation percentage) | $10,20,000.00 |
| Computer ( half-year convention 5 year property) = $1,020,000 x 20% | $ 2,04,000.00 |
| The maximum depreciation deduction, including §179 expensing | $12,24,000.00 |
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83 Reid acquired two assets in 2019: on August 6th he acquired computer equipment (five-year property)...
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...
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...
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...
Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2019, machinery and equipmen...
Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2019, machinery and equipment (seven-year property) with a basis of $1,330,000. Assume that Olney has sufficient Income to avold any limitations. Calculate the maximum depreciation deduction, Including $179 expensing (but Ignoring bonus depreciation). (Use MACRS Table 1) (Round final answer to the nearest whole number.) Essay Toolbar navigation B I v S :- Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-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...
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%...
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...
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 ...
Arlington LLC purchased an automobile for $80,000 on July 5, 2018. What is Arlington's depreciation expense...
Arlington LLC purchased an automobile for $80,000 on July 5, 2018. What is Arlington's depreciation expense for 2018 if its business use percentage is 80 percent (ignore any possible bonus depreciation)? (Use MACRS Table 1, and Exhibit 10-10.) Multiple Choice None of the choices are correct. $12,000. $6,125. $8,000. $8,000. TABLE 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period Year 3-Year 5-Year 10-Year 15-Year 20-Year 20.00% 32.00 19.20 11.52 11.52 5.76 7-Year 14.29% 24.49 17.49 12.49 8.93 8.92 8.93...
Nash Enterprises purchased a delivery truck on January 1, 2017, at a cost of $28,080. The truck h...
Nash Enterprises purchased a delivery truck on January 1, 2017, at a cost of $28,080. The truck has a useful life of 7 years with an estimated salvage value of $6,240. The straight-line method is used for book purposes. For tax purposes, the truck, having an MACRS class life of 7 years, is classified as 5-year property; the optional MACRS tax rate tables are used to compute depreciation. In addition, assume that for 2017 and 2018 the company has revenues...
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...
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...
Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2019, machinery and equipment (seven-year property) with a basis of $1,330,000. Assume that Olney has sufficient Income to avold any limitations. Calculate the maximum depreciation deduction, Including $179 expensing (but Ignoring bonus depreciation). (Use MACRS Table 1) (Round final answer to the nearest whole number.) Essay Toolbar navigation B I v S :- Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-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...
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%...
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...
Arlington LLC purchased an automobile for $80,000 on July 5, 2018. What is Arlington's depreciation expense for 2018 if its business use percentage is 80 percent (ignore any possible bonus depreciation)? (Use MACRS Table 1, and Exhibit 10-10.) Multiple Choice None of the choices are correct. $12,000. $6,125. $8,000. $8,000. TABLE 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period Year 3-Year 5-Year 10-Year 15-Year 20-Year 20.00% 32.00 19.20 11.52 11.52 5.76 7-Year 14.29% 24.49 17.49 12.49 8.93 8.92 8.93...
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