Homework Answers
Requirement 1(Question no.8 per screen above):-
The correct answer for the question is Option D - $40,000. Per IRS, for years after 2017, the business will eligible to claim a depreciation deduction for 100% of the assets palced in service during the year. Since the value of assets placed in service during 2020 is $40,000, the business would be fully eligible to claim the depreciation for the year.
Option A, Option B and Option C are incorrect based on the above expalanationa s they represent incorrect amounts of bonus depreciation allowed during the year.
Kindly note that i have answered the first question per the HOMEWORKLIB RULESs. Request you to post the remaining question separately so that we can answer them as well. All the best and please let me know if you have any questions via the comments section .
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QUESTIONS James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost...
QUESTION 10 On January 15, 2020, Dillon purchased the rights to a mineral interest for $3,500,000....
QUESTION 10 On January 15, 2020, Dillon purchased the rights to a mineral interest for $3,500,000. At that time it was estimated that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Dillon incurred expenses during 2020 of $500,000. The percentage depletion rate is 22%. Determine Dillon's depletion deduction for 2020. a. $176,000 b.$150,000 O c. $175,000 od. $200,000
new 2018 tax law applies On May 5 of the current tax year, Byrne purchased a...
new
2018 tax law applies
On May 5 of the current tax year, Byrne purchased a patent that qualifies as a $ 197 intangible. The cost of the patent was $207,000 and Byrne is a calendar year taxpayer. In the current tax year, how much of the patent's cost may Byrne amortize? a. $1,150. b. $4,600. c. $9,200 d. $13,800 On January 15, 2019, Dillon purchased the rights to a mineral interest for $3,500,000. At that time, it was estimated...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23,...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of...
James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $50,000. James takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. Assume the taxable income limitation is not applicable. The add:tiona st year depecaten &50/000 A07 $50,000
T’Challa purchased the rights to a vibranium mineral interest for $3,500,000 on January 20, 2018. At...
T’Challa purchased the rights to a vibranium mineral interest for $3,500,000 on January 20, 2018. At that time it was estimated that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Dillon incurred expenses during 2018 of $450,000. The statutory percentage depletion rate for vibranium is 22%. Determine T’Challa’s maximum depletion deduction for 2018.
On january 15, 2019, Vern purchased the rights to a mineral interest for $2,500,000. At the...
On january 15, 2019, Vern purchased the rights to a mineral interest for $2,500,000. At the time it was estimated that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Vern incurred expenses during 2019 of $500,000. The percentage depletion rate is 22%. Determine Vern's depletion deduction for 2019.
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost...
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost of $30,000. She also purchased a new business (e-year property) on November 20, 2020, at a cost of 513,000 Bonnie did not elect to expense either of the sets under $ 179, nor did she eclect straight line cost recovery. Bonnie takes additional first-year depreciation Determine the cost recovery deduction for 2020 for these assets O $7,858 b. $9.586 O c$21.915 Od 543,000 O...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under $ 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2020. Determine the cost recovery deduction for 2020. a. $19,133 b. $55,100 OC. $34,438 Od. $24,490 2. MC.08.062...
Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for...
Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for $40,000 on January 21, 2017. He purchased a new 5-year asset for $800,000 on May 20, 2017, and he purchased a warehouse for $2,000,000 on November 20, 2017. Assuming his taxable income before Section 179 expense is $700,000, calculate Scott's total cost recovery deduction for 2017 Scott's total cost recovery deduction for 2017:
QUESTION 14 The only asset Bill purchased during 2020 was a new seven-year class asset. The...
QUESTION 14 The only asset Bill purchased during 2020 was a new seven-year class asset. The asset, which was listed property, was acquired on June 17 at a cost of $50,000. The asset was used 40% for business, 30% for the production of income, and the rest of the time for personal use. Bill always elects to expense the maximum amount under $ 179 whenever it is applicable. The net income from the business before the $ 179 deduction is...
QUESTION 10 On January 15, 2020, Dillon purchased the rights to a mineral interest for $3,500,000. At that time it was estimated that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Dillon incurred expenses during 2020 of $500,000. The percentage depletion rate is 22%. Determine Dillon's depletion deduction for 2020. a. $176,000 b.$150,000 O c. $175,000 od. $200,000
new
2018 tax law applies
On May 5 of the current tax year, Byrne purchased a patent that qualifies as a $ 197 intangible. The cost of the patent was $207,000 and Byrne is a calendar year taxpayer. In the current tax year, how much of the patent's cost may Byrne amortize? a. $1,150. b. $4,600. c. $9,200 d. $13,800 On January 15, 2019, Dillon purchased the rights to a mineral interest for $3,500,000. At that time, it was estimated...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $50,000. James takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. Assume the taxable income limitation is not applicable. The add:tiona st year depecaten &50/000 A07 $50,000
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost of $30,000. She also purchased a new business (e-year property) on November 20, 2020, at a cost of 513,000 Bonnie did not elect to expense either of the sets under $ 179, nor did she eclect straight line cost recovery. Bonnie takes additional first-year depreciation Determine the cost recovery deduction for 2020 for these assets O $7,858 b. $9.586 O c$21.915 Od 543,000 O...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under $ 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2020. Determine the cost recovery deduction for 2020. a. $19,133 b. $55,100 OC. $34,438 Od. $24,490 2. MC.08.062...
Scott purchased 3 assets for his business in 2017. He purchased a new 3-year asset for $40,000 on January 21, 2017. He purchased a new 5-year asset for $800,000 on May 20, 2017, and he purchased a warehouse for $2,000,000 on November 20, 2017. Assuming his taxable income before Section 179 expense is $700,000, calculate Scott's total cost recovery deduction for 2017 Scott's total cost recovery deduction for 2017:
QUESTION 14 The only asset Bill purchased during 2020 was a new seven-year class asset. The asset, which was listed property, was acquired on June 17 at a cost of $50,000. The asset was used 40% for business, 30% for the production of income, and the rest of the time for personal use. Bill always elects to expense the maximum amount under $ 179 whenever it is applicable. The net income from the business before the $ 179 deduction is...
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