in July, gwen purchased a new computer system for her business for $3,800. what is the...
in July, gwen purchased a new computer system for her business for $3,800. what is the total depreciation for the first year if she does not opt out of special depreciation
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in July, gwen purchased a new computer system for her business
for $3,800. what is the...
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
Barbara converts her personal use computer to her cleaning business. she purchased the computer two years...
Barbara converts her personal use computer to her cleaning business. she purchased the computer two years ago for $1,200. When she converts the property to business use, the fair market value is $1,000. while using the computer in her business for 18 months, she properly desucted depreciation (cost recovery) expense of $360, and she sells the computer for $600. what is her recognized gain or loss? And what is Barbara's depreciable basis in the computer when she converts the property...
Lina purchased a new car for use in her business during 2019. The auto was the...
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)
d. The vehicle cost $80,000, and she used it 80 percent...
Inez is a sole proprietor/owner of New Tech, a computer and IT consulting business. Her clients...
Inez is a sole proprietor/owner of New Tech, a computer and IT consulting business. Her clients are small to medium sized businesses, colleges, and individual home users. Inez wants to expand her business, buy new equipment, and hire an employee. She needs to obtain additional capital to expand New Tech, but she does not want to lose control of the business. Also, Inez has chosen not to take out any sort of loan or use a credit card to obtain...
Lina purchased a new car for use in her business during 2019. The auto was the...
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)
e. The vehicle cost $80,000, and she used it 20 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
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): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) The vehicle...
Lina purchased a new car for use in her business during 2019. The auto was the...
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): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
Lina purchased a new car for use in her business during 2019. The auto was the...
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): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) f. The...
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
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23,...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
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
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)
d. The vehicle cost $80,000, and she used it 80 percent...
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)
e. The vehicle cost $80,000, and she used it 20 percent...
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): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
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
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
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