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IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23,...
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
QUESTIONS James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost...
QUESTIONS James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost of $40,000. James takes additional first year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2020 a $8,333 b. $26,666 Oc$33,333 O d. 540,000 OeNone of the above QUESTION 9 On January 1, 2020, SymboNet Company completed its acquisition of NetOpen. As part of the acquisition, S2 million was allocated to goodwill. What is SymboNet's...
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...
4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a...
4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2019, at a cost of $13,000. Bonnie did not elect to expense either of the assets under 5 179, nor did she elect straight-line cost recovery. Bonnie takes additional first-year depreciation. Determine the cost recovery deduction for 2019 for these assets. a. $9,586 b. $7,858 Oc. $43,000 Od. $21,915...
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...
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...
1. On June 1 of the current tax year, Tab converted a machine from personal use...
1. On June 1 of the current tax year, Tab converted a machine from personal use to use as rental property. At the time of the conversion, the machine was worth $70,000. Five years ago Tab purchased the machine for $120,000. The machine is subject to a $100,000 mortgage. What is the basis of the machine for depreciation purposes? a. $70,000 b. $90,000 c. $100,000 d. $120,000 e. $150,000 2. Hazel, a calendar-year taxpayer, purchased a new business asset (five-year...
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:
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.
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
QUESTIONS James purchased a new business asset (three-year personalty) on July 23, 2020, at a cost of $40,000. James takes additional first year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2020 a $8,333 b. $26,666 Oc$33,333 O d. 540,000 OeNone of the above QUESTION 9 On January 1, 2020, SymboNet Company completed its acquisition of NetOpen. As part of the acquisition, S2 million was allocated to goodwill. What is SymboNet's...
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...
4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2019, at a cost of $13,000. Bonnie did not elect to expense either of the assets under 5 179, nor did she elect straight-line cost recovery. Bonnie takes additional first-year depreciation. Determine the cost recovery deduction for 2019 for these assets. a. $9,586 b. $7,858 Oc. $43,000 Od. $21,915...
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...
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...
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:
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.
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