Using the half-year convention, compute the total first-year MACRS deduction for a new office desk purchased...
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Using the half-year convention, compute the total first-year MACRS deduction for a new office desk purchased and placed in service on May 1, 2017. The desk cost $750 and the 50% bonus depreciation will be claimed. |
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$107 |
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$375 |
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$429 |
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$482 |
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Using the half-year convention, compute the total
first-year MACRS deduction for a new office desk purchased...
On June 15, 2018, Bill Jones purchased and placed in service a new office filing cabinet...
On June 15, 2018, Bill Jones purchased and placed in service a new office filing cabinet for his business. The cabinet cost $600, and neither §179 nor special depreciation was claimed. Using the half-year convention, 200% declining balance method, what is his first-year depreciation deduction for the new office filing cabinet?
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Required information [The following information applies to the questions displayed below.] Lina purchased a new car...
Required information [The following information applies to the questions displayed below.] 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):...
Problem 8-46 (Algorithmic) (LO. 4) On April 30, 2017, Leo purchased and placed in service a...
Problem 8-46 (Algorithmic)
(LO. 4) On April 30, 2017, Leo purchased and placed in service a
new car that cost $20,500. The business use percentage for the car
is always 100%. He does take the additional first-year
depreciation. 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? Half-year b. Is
the automobile...
MACRS basic application - Assume a company that started business in 2xd purchased office furniture on...
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3. MACRS. (Obj. 1) Florence placed in service the following properties during 2019. Compute Florence's total...
3. MACRS. (Obj. 1) Florence placed in service the following properties during 2019. Compute Florence's total depreciation expense for 2019 and 2020, assuming that she elects to expense 50 percent of the cost of qualifying property. She elects out of bonus depreciation. The machine, equipment, and furniture are 7-year property. Type of Property Cost Date Placed in Service Machine $130,000 March 3, 2018 Equipment 110,000 June 8, 2018 Furniture 48,000 August 15, 2018 Office building 200,000 October 4, 2018
Sutton Inc. acquired a 10 year asset to which the half year convention applied. This was...
Sutton Inc. acquired a 10 year asset to which the half year convention applied. This was the only asset the company placed in service during the year. The taxpayer elected out of Section 179 expense deduction and additional depreciation. Neither the straight-line method nor the 150% declining balance method was elected. The cost of $10,000. What is the depreciation for the first year? A. $250, B. $1,000, C. $1,750, D. $2,000
Question 57 of 100. Naima owns and operates a dance studio. In 2020, she purchased and...
Question 57 of 100. Naima owns and operates a dance studio. In 2020, she purchased and placed the following new assets into service for her business: February 24, a $1,500 computer, May 31, a $750 desk; October 7, a $2,000 sound system. She did not opt out of bonus depreciation. . What is the total 2020 depreciation for the computer? $1,500 $750 $450 1 $375
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....
Exhibit 8.3 MACRS Accelerated Depreciation for Personal Property Assuming Half- Year Convention (Percentage Rates) For Property Placed in Service after December 31, 1986 Recovery Year 3-Year (200% DB) 5-Year (200% DB) 7-Year (200% DB) 10-Year (200% DB) 15-Year (150% DB) 20-Year (150% DB) 33.33 14.29 10.00 5.00 3.750 20.00 32.00 44.45 24.49 18.00 9.50 7.219 14.81 * 19.20 17.49 14.40 8.55 6.677 7.41 11.52 * 12.49 11.52 7.70 6.177 11.52 8.93 * 9.22 6.93 5.713 5.76 8.92 7.37 6.23 5.285...
Required information [The following information applies to the questions displayed below.] 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):...
Problem 8-46 (Algorithmic)
(LO. 4) On April 30, 2017, Leo purchased and placed in service a
new car that cost $20,500. The business use percentage for the car
is always 100%. He does take the additional first-year
depreciation. 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? Half-year b. Is
the automobile...
MACRS basic application - Assume a company that started business in 2xd purchased office furniture on February 14, 2xx3, at a price of $10,000. Further assume that this was the only purchase of assets in the year and that no special depreciation rules apply. The equipment is Office equipment classified as MACRS 7-year property. What should the company consider given that this is its only property placed in service for the year? What is the tax depreciation expense for 2xx3?...
3. MACRS. (Obj. 1) Florence placed in service the following properties during 2019. Compute Florence's total depreciation expense for 2019 and 2020, assuming that she elects to expense 50 percent of the cost of qualifying property. She elects out of bonus depreciation. The machine, equipment, and furniture are 7-year property. Type of Property Cost Date Placed in Service Machine $130,000 March 3, 2018 Equipment 110,000 June 8, 2018 Furniture 48,000 August 15, 2018 Office building 200,000 October 4, 2018
Question 57 of 100. Naima owns and operates a dance studio. In 2020, she purchased and placed the following new assets into service for her business: February 24, a $1,500 computer, May 31, a $750 desk; October 7, a $2,000 sound system. She did not opt out of bonus depreciation. . What is the total 2020 depreciation for the computer? $1,500 $750 $450 1 $375
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....
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