Homework Answers
CALCULATION OF DEPRECIATION
(1295000-18% OF 1295000)/5 = 212380 P.A
ANNUAL TAX SAVINGS PER YEAR
212380 * .40 = 84952
TAX SAVING FOR 5th year
84952
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Calculate the total tax saved in year 5 as a result of the depreciaton deduction for...
Due Mon 11/18/2019 5:00 Brielle Phan, Attorney at Law purchased an office building with the accompanying...
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Ken sold a rental property for $860,000. He received $128,000 in the current year and $183,000 each year for the next four years. Of the sales price, $582,500 was allocated to the building and the remaining $277,500 was allocated to the land. Ken purchased the property several years ago for $660,000. When he initially purchased the property, he allocated $570,000 of the purchase price to the building and $90,000 to the land. Ken has claimed $15,000 of depreciation deductions over...
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Assume that the Section 179
deduction limit is $1,000,000 and that businesses exceeding a total
of $2,500,000 in purchases of qualifying personal property will
have the Section 179 deduction phase-out dollar-for-dollar. Also
assume that the taxpayer has elected out of any bonus depreciation.
Please treat each item separately.
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Problems 0 Saved Help Required information [The following information applies to the questions displayed below.) Timberly Construction makes a lump sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $487,550, land, $288,550, land improvements, $59,700, and four vehicles, $159,200. equired: a. Allocate the lump-sum purchase price to the separate assets purchased. -b. Prepare the journal entry to record the purchase. - Compute the first-year...
What is the maximum amount of depreciation deduction Harris
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What is the basis of the office equipment at the end of the
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Harris Corp. is a technology start-up and is in its second year of operations. The company didn't purchase any assets this year but purchased the following assets in the prior year: Placed in Service Asset Basis Office equipment Manufacturing equipment Computer system August 14 April 15 $...
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