FURNITURE (5,378) AND MACHINERY (6,682) ARE CORRECT. PLEASE HELP ME THE REST
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FURNITURE (5,378) AND MACHINERY (6,682) ARE CORRECT. PLEASE HELP
ME THE REST
At the beginning of...
At the beginning of its 2019 tax year, Hiram owned the following business assets: Furniture Equipment...
At the beginning of its 2019 tax year, Hiram owned the following business assets: Furniture Equipment Machinery Date Placed in Service 6/19/17 5/2/16 9/30/16 Initial Cost $46,250 89,000 80,500 Accumulated Depreciation $17,936 63,368 57,316 Recovery Period 7-year 5-year 5-year Depreciation Convention Half year Half-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $612,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year....
Kristine sold two assets on March 20th of the current year. The first was machinery with...
Kristine sold two assets on March 20th of the current year. The first was machinery with an original basis of $61,000, currently in the fourth year of depreciation, and depreciated under the half-year convention. The second was furniture with an original basis of $26,000, placed in service during the fourth quarter, currently in the third year of depreciation, and depreciated under the mid-quarter convention. What is Kristine's depreciation deduction for the current year if the depreciation recovery period is seven...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179 expense. The company acquired the following assets during 2018 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5). Assume that the qualified improvement property has satisfied the conditions mentioned under Section 179(f)(2) Asset Placed in Service Basis Machinery Computer equipment Delivery truck Qualified improvement property Total 12-Sep 10-Feb 21-Aug 2-Apr $ 472,000 72,800 95,000 1,382,000 $2,021,000 a. What is the...
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...
38. A taxpayer places a $1,050,000 5-year recovery period asset in service in 2018. This is...
38. A taxpayer places a $1,050,000 5-year recovery period asset in service in 2018. This is the only asset placed in service in 2018. Assuming half-year convention, an election to expense under Section 179, and no income limitation, what is the amount of total cost recovery deduction (no bonus depreciation)? a. $200,000 b. $210,000 c. $1,000,000 d. $1,010,000 e. $1,050,000 ANSWER: d Please explain
The following information applies to the questions alsplay At the beginning of the year, Anna began...
The following information applies to the questions alsplay At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during th year Cost Basis Date Acquired 1/30 2/15 7/25 8/13 Asset $ 38,500 $ 42,500 $ 85,see $ 414,000 Computers Office desks Machinery office building Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,0...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,000. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
Problem 5-47 (Algorithmic) (LO. 8) On February 15, 2018, Leo purchased and placed in service a...
Problem 5-47 (Algorithmic) (LO. 8) On February 15, 2018, Leo purchased and placed in service a new car that cost $66,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any $ 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain autom.biles. a. What MACRS convention applies to the new car?...
Problem 8-46 (Algorithmic) (LO. 4) On July 15, 2018, Leo purchased and placed in service a...
Problem 8-46 (Algorithmic) (LO. 4) On July 15, 2018, Leo purchased and placed in service a new car that cost $67,800. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any $ 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
Problem 8-3 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, LO...
Problem 8-3 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, LO 8.3) Mike purchases a new heavy-duty truck (5-year class recovery property) for his delivery service on April 30, 2018. 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 $39,000 and an estimated useful life of 5 years. Assume half-year convention...
At the beginning of its 2019 tax year, Hiram owned the following business assets: Furniture Equipment Machinery Date Placed in Service 6/19/17 5/2/16 9/30/16 Initial Cost $46,250 89,000 80,500 Accumulated Depreciation $17,936 63,368 57,316 Recovery Period 7-year 5-year 5-year Depreciation Convention Half year Half-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $612,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year....
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179 expense. The company acquired the following assets during 2018 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5). Assume that the qualified improvement property has satisfied the conditions mentioned under Section 179(f)(2) Asset Placed in Service Basis Machinery Computer equipment Delivery truck Qualified improvement property Total 12-Sep 10-Feb 21-Aug 2-Apr $ 472,000 72,800 95,000 1,382,000 $2,021,000 a. What is the...
38. A taxpayer places a $1,050,000 5-year recovery period asset in service in 2018. This is the only asset placed in service in 2018. Assuming half-year convention, an election to expense under Section 179, and no income limitation, what is the amount of total cost recovery deduction (no bonus depreciation)? a. $200,000 b. $210,000 c. $1,000,000 d. $1,010,000 e. $1,050,000 ANSWER: d Please explain
The following information applies to the questions alsplay At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during th year Cost Basis Date Acquired 1/30 2/15 7/25 8/13 Asset $ 38,500 $ 42,500 $ 85,see $ 414,000 Computers Office desks Machinery office building Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2018, Leo purchased and placed in service a new car that cost $63,000. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
Problem 5-47 (Algorithmic) (LO. 8) On February 15, 2018, Leo purchased and placed in service a new car that cost $66,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any $ 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain autom.biles. a. What MACRS convention applies to the new car?...
Problem 8-46 (Algorithmic) (LO. 4) On July 15, 2018, Leo purchased and placed in service a new car that cost $67,800. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any $ 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car?...
Problem 8-3 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, LO 8.3) Mike purchases a new heavy-duty truck (5-year class recovery property) for his delivery service on April 30, 2018. 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 $39,000 and an estimated useful life of 5 years. Assume half-year convention...
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