Raul purchased an automobile for his business in 2019 for $80,000 and wanted to get the...
Raul purchased an automobile for his business in 2019 for $80,000 and wanted to get the maximum possible depreciation deduction each year. He did not elect out of bonus depreciation, and so he took $18,100 of cost recovery deductions in 2019. He did this correctly, but he filed his own taxes, and now he’s coming to you for help with tax year 2020. He’s not sure what his basis is now, and how he calculates depreciation for 2020 and beyond.
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Raul purchased an automobile for his business in 2019 for
$80,000 and wanted to get the...
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...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
d. The vehicle cost $80,000, and she used it 80 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (Including $179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn't want to take bonus depreciation for 2019 or 2020) In the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
e. The vehicle cost $80,000, and she used it 20 percent...
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a...
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a 7-year MACRS GDS recovery period and is depreciated under MACRSGDS (no SL election). The equipment was placed in service on September 10, 2020. This was the only asset that Oscar Co. placed in service in 2020. Oscar Co. did not electSection 179 deductions. Oscar Co. did not elect out of Section 168(k) bonus depreciation. What is Oscar Co.'s total depreciation deduction for 2020?
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a...
In 2020, Oscar Co. purchased a piece of business-use equipment for $1,000,000. The equipment has a 7-year MACRS GDS recovery period and is depreciated under MACRSGDS (no SL election). The equipment was placed in service on September 10, 2020. This was the only asset that Oscar Co. placed in service in 2020. Oscar Co. did not electSection 179 deductions. Oscar Co. did not elect out of Section 168(k) bonus depreciation. What will Oscar’s depreciation deduction be for 2021?
19. On May 26, 2014, Jamal purchased machinery for $30,000 to be used in his business....
19. On May 26, 2014, Jamal purchased machinery for $30,000 to be used in his business. He did not elect to expense the equipment under $179 or the bonus. On October 10, 2018, he sells the machinery to a scrap metal dealer. What is his cost recovery deduction for 2018 rounded to the nearest dollar? A) $0. B) $1,340. C) $2,679. D) $4,287. E) None of the above.
2019 tax law applies On June 1, 2019, James places in service a new automobile that...
2019 tax law applies
On June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60 % for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
2019 tax law applies Un June 1, 2019, James places in service a new automobile that...
2019 tax law applies
Un June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 - Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) The vehicle...
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...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
d. The vehicle cost $80,000, and she used it 80 percent...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (Including $179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn't want to take bonus depreciation for 2019 or 2020) In the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
e. The vehicle cost $80,000, and she used it 20 percent...
19. On May 26, 2014, Jamal purchased machinery for $30,000 to be used in his business. He did not elect to expense the equipment under $179 or the bonus. On October 10, 2018, he sells the machinery to a scrap metal dealer. What is his cost recovery deduction for 2018 rounded to the nearest dollar? A) $0. B) $1,340. C) $2,679. D) $4,287. E) None of the above.
2019 tax law applies
On June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60 % for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
2019 tax law applies
Un June 1, 2019, James places in service a new automobile that cost $40,000. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) James does not take additional first-year depreciation. Determine the cost recovery deduction for 2019. a. $1,776 b. $1,896 c. $4,800 d. $6,000 - Bhaskar purchased a new factory building and land on September 10, 2019, for $3,700,000. ($500,000 of...
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