roblem 8-39 (LO. 2) On May 5, 2019, Christy purchased and placed in service a hotel....
roblem 8-39 (LO. 2)
On May 5, 2019, Christy purchased and placed in service a hotel. The hotel cost $10,800,000, and the land cost $1,200,000 ($12,000,000 in total).
Calculate Christy's cost recovery deductions for 2019 and 2029.
If required, round your answers to the nearest dollar.
Click here to access the depreciation table to use for this problem.
a. How is the property classified for
MACRS?
Nonresidential real estate
b. What is the life of the asset for
MACRS?
39 years
c. Calculate Christy's cost recovery deductions
for 2019 and 2029.
2019: $
2029: $
Homework Answers
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roblem 8-39 (LO. 2)
On May 5, 2019, Christy purchased and placed in service a hotel....
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This was all the information provided. Problem 8-32 (Algorithmic) (LO. 1, 2) In 2016, José purchased...
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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?...
This was all the information provided.
Problem 8-32 (Algorithmic) (LO. 1, 2) In 2016, José purchased a house for $203,200. He used the house as his personal residence. In December 2019, when the fair market value of the house was $335,200, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is $ 203,200 . b....
Problem 8-32 (Algorithmic) (LO. 1, 2) In 2016, José purchased a house for $258,000. He used the house as his personal residence. In April 2019, when the fair market value of the house was $272,800, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is $ 243,700 X. years, and it is subject to the...
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 8-47 (LO. 2, 3, 4) On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that...
Problem 8-47 (LO. 2, 3, 4) On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that...
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