Assume MACRS default (200%) tables are to be used for the problems below. The following property...
Assume MACRS default (200%) tables are to be used for the problems below. The following property was purchased on the following dates at the following prices:
• 5-year equipment, 12/8/15, $58,000
• 5-year equipment, 8/17/16, $27,000
• 7-year machinery, 1/10/17, $25,000
What would tax depreciation expense be for the year 2019 for the above assets assuming no immediate expense was taken for any of the assets? If the 7-year machinery was disposed of on 7/25/19, what would 2019 tax depreciation expense be if the other two pieces of equipment were still in use?
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Assume MACRS default (200%) tables are to be used for the
problems below. The following property...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date...
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Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/15 7/15/19 HY $ 72,500 Machinery (7-year) 3/23/16 3/15/19 MQ 89,500 Delivery truck* (5-year) 9/17/17 3/13/19 HY 34,000 Machinery (7-year) 10/11/18 8/11/19 MQ 288,200 Computer (5-year) 10/11/19 12/15/19 HY 94,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2019 depreciation deduction (ignore §179 expense and bonus...
Required information The following information applies to the questions displayed below.) Assume that Timberline Corporation has...
Required information The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2019 taxable income of $256,000 for purposes of computing the 5179 expense. It acquired the following assets in 2019: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) Total Purchase Date Basis December 1 $ 466,000 February 28 106,800 July 15 46,000 May 22 496,000 $1,114,000 c. What would...
Viking Corporation bought (and placed into service) several pieces of new 7-YR MACRS equipment for their...
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Seved Required Information (The following information applies to the questions displayed below) Assume that Timberline Corporation...
Seved Required Information (The following information applies to the questions displayed below) Assume that Timberline Corporation has 2019 taxable income of $256.000 for purposes of computing the 5179 expense.it acquired the following assets in 2019: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Asset Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) Total Purchase Date Basis December 1 $ 466,000 February 28 106,000 July 15 46,000 May 22 496,000 $1,114,000 c. What would...
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Way Corporation disposed of the following tangible personal property assets in the current year. Date Date...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/13 7/15/19 HY $ 55,000 Machinery (7-year) 3/23/14 3/15/19 MQ 72,000 Delivery truck* (5-year) 9/17/16 3/13/19 HY 20,000 Machinery (7-year) 10/11/17 8/11/19 MQ 250,000 Computer (5-year) 2/11/19 12/15/19 HY 80,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2019 depreciation expense (Way has not used §179...
roblem 8-3 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, 8.3)...
roblem 8-3 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, 8.3) Mike purchases a new heavy-duty truck (5-year class recovery property) for his delivery service on March 30, 2019. No other assets were purchased during the year. The truck is not considered a passenger automobile for purposes of the listed property and luxury automobile limitations. The truck has a depreciable basis of $42,000 and an estimated useful life of 5 years. Assume half-year convention for...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired Date Sold Original Convention HY MO HY MO HY Basis Asset Furniture (7-year) Machinery (7...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired Date Sold Original Convention HY MO HY MO HY Basis Asset Furniture (7-year) Machinery (7-year) Delivery truck (s-year) Machinery (7-year) Computer (5-year) 5/12/2814 7/15/2818 3/23/2815 3/15/2818 9/17/2816 3/13/2818 18/11/2817 8/11/2818 18/11/2818 12/15/2818 112,588 129,588 66.888 329,888 126,808 "Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2018 depreciation deduction (ignore S179 expense and bonus depreciation...
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...
Required information The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2019 taxable income of $256,000 for purposes of computing the 5179 expense. It acquired the following assets in 2019: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) Total Purchase Date Basis December 1 $ 466,000 February 28 106,800 July 15 46,000 May 22 496,000 $1,114,000 c. What would...
Seved Required Information (The following information applies to the questions displayed below) Assume that Timberline Corporation has 2019 taxable income of $256.000 for purposes of computing the 5179 expense.it acquired the following assets in 2019: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Asset Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) Total Purchase Date Basis December 1 $ 466,000 February 28 106,000 July 15 46,000 May 22 496,000 $1,114,000 c. What would...
Complete the (4) depreciation tables/caclulations below using the following MACRS table: YEAR 3-YEAR 33.33% 44.45% 14.81% 7.41% 5-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% 4.46% 100.00% 100.00% 100.00% 1. During 2012, Axel Corporation purchases new machinery (5-year property) for $200,000 and decides not to take a Section 179 deduction. a. Computer maximum tax depreciation for the machinery for 2012-2017. Year Depreciation calculation Dep. Exp. 2012 2012 2013 2014 2015 2016 2017 Total...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired Date Sold Original Convention HY MO HY MO HY Basis Asset Furniture (7-year) Machinery (7-year) Delivery truck (s-year) Machinery (7-year) Computer (5-year) 5/12/2814 7/15/2818 3/23/2815 3/15/2818 9/17/2816 3/13/2818 18/11/2817 8/11/2818 18/11/2818 12/15/2818 112,588 129,588 66.888 329,888 126,808 "Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2018 depreciation deduction (ignore S179 expense and bonus depreciation...
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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