Homework Answers
| A | B | C | D=A*B*C (for year of disposal, D=(A*B*C)/2) | ||||||||
| ASSET | Date Purchased | Date Sold | Business Use | Cost | Method | Year of Depreciation in 2019 | Percent as per MACRS | 2019 Expense | |||
| Computer1 | 3/12/2016 | 100% | $2,900 | 5Yr MACRS | 4 | 11.52% | $334 | ||||
| Computer2 | 5/5/2016 | 5/15/2019 | 100% | $2,500 | 5Yr MACRS | 4 | 11.52% | $144 | (100%*2500*11.52%)/2 | ||
| Printer | 8/25/2019 | 100% | $2,300 | 5Yr MACRS | 1 | 20.00% | $460 | ||||
| Computer3 | 5/25/2019 | 100% | $3,000 | 5Yr MACRS | 1 | 20.00% | $600 | ||||
| Equipment | 3/20/2017 | 100% | $2,600 | 7Yr MACRS | 3 | 17.49% | $455 | ||||
| Auto | 5/1/2019 | 90% | $21,000 | 5Yr MACRS | 1 | 20.00% | $3,780 | ||||
| Furniture1 | 2/12/2017 | 8/25/2019 | 100% | $22,000 | 7Yr MACRS | 3 | 17.49% | $1,924 | (100%*22000*17.49%)/2 | ||
| Furniture2 | 8/15/2017 | 100% | $3,300 | 7Yr MACRS | 3 | 17.49% | $577 | ||||
| Office Building | 4/1/2019 | 100% | $343,200 | 39 SL | 1 | 2.5641% | $8,800 | ||||
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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...
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...
roblems 1.6 Required information The following information applies to the questions displayed below! Karane Enterprises, a...
roblems 1.6 Required information The following information applies to the questions displayed below! Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Asset office furniture Machinery Used delivery truck $ Date Placed Cost in Service 150,000 02/03/2018 1.560.000 07/22/2018 40,000 08/17/2018 "Not considered a luxury automobile During 2018, Karane was very...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Date Placed in Service 02/03/2018 Asset Cost Office furniture 150,000 Machinery Used delivery truck* 07/22/2018 1,560,000 40,000 08/17/2018 Not considered a luxury automobile. During 2018, Karane was very successful (and had no S179 limitations) and decided to acquire more assets in 2019...
Required information Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179...
Required information Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Used delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 72,000 $ 12,000 $ 25,000 $152,000 $ 261,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business ...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2018 Machinery $ 1,560,000 07/22/2018 Used delivery truck* $ 40,000 08/17/2018 *Not considered a luxury automobile. During 2018, Karane was very successful (and had no §179 limitations) and decided to acquire more...
Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer...
Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2018 Machinery 1,560,000 07/22/2018 Used delivery truck* 40,000 08/17/2018 *Not considered a luxury automobile. During 2018, Karane was very successful (and...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017: Asset Cost Date Placed in Service Office furniture $ 150,000 02/03/2017 Machinery 1,560,000 07/22/2017 Used delivery truck* 40,000 08/17/2017 *Not considered a luxury automobile. During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this...
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...
roblems 1.6 Required information The following information applies to the questions displayed below! Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Asset office furniture Machinery Used delivery truck $ Date Placed Cost in Service 150,000 02/03/2018 1.560.000 07/22/2018 40,000 08/17/2018 "Not considered a luxury automobile During 2018, Karane was very...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: Date Placed in Service 02/03/2018 Asset Cost Office furniture 150,000 Machinery Used delivery truck* 07/22/2018 1,560,000 40,000 08/17/2018 Not considered a luxury automobile. During 2018, Karane was very successful (and had no S179 limitations) and decided to acquire more assets in 2019...
Required information Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Used delivery truck Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Original Basis $ 72,000 $ 12,000 $ 25,000 $152,000 $ 261,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new...
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