ZuoTi.Pro
Question

Anne LLC purchased computer equipment (5-year property) on August 29 for $43,000 and used the half-year...

Anne LLC purchased computer equipment (5-year property) on August 29 for $43,000 and used the half-year convention. Anne LLC did not take §179 or bonus depreciation in the year it acquired the computer equipment. During the current year, which is the fourth year Anne LLC owned the property, the property was disposed of on January 15. Calculate the maximum depreciation expense. (Use MACRS Table 1)

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

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Anne LLC purchased computer equipment (5-year property) on August 29 for $43,000 and used the half-year...
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

Similar Homework Help Questions

  • Anne LLC purchased computer equipment (5 year property) on August 29 for $34,000 and used the...

    Anne LLC purchased computer equipment (5 year property) on August 29 for $34,000 and used the half year convention. Anne LLC did not take 179 or bonus depreciation in the year it acquired the computer equipment. during the current year, which is the fourth year Anne LLC owned the property, the property was disposed of on January 15. calculate the maximum depreciation expense. (use MACRS table 1) can you help me please can you type it out

  • wheeler llc purchased two assets during the current year (a full 12 month tax year). wheeler...

    wheeler llc purchased two assets during the current year (a full 12 month tax year). wheeler placed in service computer equipment (5 year property) on November 16 with a basis of $22,000 and furniture (7 year property) on april 20 with a basis of $15,200. calculate the maximum depreciation expense (ignoring 179 and bonus depreciation). (use MACRS table 2) (round final answer to the nearest whole number.) can anyone please help me can you type it out

  • Northern LLC only purchased one asset this year. In 2019, Northern LLC placed in service on...

    Northern LLC only purchased one asset this year. In 2019, Northern LLC placed in service on September 6th machinery and equipment (seven-year property) with a basis of $3,230,000. Assume that Northern has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignore any potential bonus expensing). (Use MACRS Table 1.) (Round final answer to the nearest whole number.)

  • Northern LLC only purchased one asset this year. In 2019, Northern LLC placed in service on...

    Northern LLC only purchased one asset this year. In 2019, Northern LLC placed in service on September 6th machinery and equipment (seven-year property) with a basis of $3,250,000. Assume that Northern has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignore any potential bonus expensing). (Use MACRS Table 1.) (Round final answer to the nearest whole number.)

  • 83 Reid acquired two assets in 2019: on August 6th he acquired computer equipment (five-year property)...

    83 Reid acquired two assets in 2019: on August 6th he acquired computer equipment (five-year property) with a basis of $1,020,000 and on November 9th he acquired machinery (seven-year property) with a basis of $1,020,000. Assume that Reld has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction, including 5179 expensing (but not bonus depreciation). (Use MACRS Tab .) points Essay Toolbar navigation ( 01:07:02 BI V SE 11. A A 7.70 Table 1 MACRS Half-Year Convention Depreciation...

  • 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...

  • At the beginning of its 2019 tax year, Hiram owned the following business assets: Furniture Equipment...

    At the beginning of its 2019 tax year, Hiram owned the following business assets: Furniture Equipment Machinery Date Placed in Service 6/19/17 5/2/16 9/30/16 Initial Cost $46,250 89,000 80,500 Accumulated Depreciation $17,936 63,368 57,316 Recovery Period 7-year 5-year 5-year Depreciation Convention Half year Half-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $612,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year....

  • Arlington LLC purchased an automobile for $55,000 on July 5, 2019. What is Arlington's depreciation deduction...

    Arlington LLC purchased an automobile for $55,000 on July 5, 2019. What is Arlington's depreciation deduction for 2019 if its business-use percentage is 75 percent? (Ignore any possible bonus depreciation.) (Use Exhibit 10-10.) $5,500. $4,250. $8,250. $7,500. None of the choices are correct. Crouch LLC placed in service on May 19, 2019, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing...

  • The MACRS basis of 5-year property acquired on January 13, 20X1 is $10,000. The property is...

    The MACRS basis of 5-year property acquired on January 13, 20X1 is $10,000. The property is sold on July 31, 20X3. If the half-year convention applies to personal property acquired in 20X1 and the regular (accelerated) MACRS method is used, depreciation expense for 20X3 is: O A. $2,000. O B. $1,920. O C. $1,600. D. $960. O E. $800.

  • 32. Bevis Bag Co. purchased a tract of land on August 31 of the current year,...

    32. Bevis Bag Co. purchased a tract of land on August 31 of the current year, paying $225,000. Prior to the sale, the seller paid property taxes of $18,000 on the property. The taxes covered the calendar year period January 1 through December 31. a. Will Bevis be allowed to deduct any portion of the property taxes paid by the seller prior to the sale? If so, how much? b. What will be Bevis' tax basis in the land? Personal...

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