Tax Problem On February 2, 2018, Katie purchased and placed in service a new $18,500 car....
Tax Problem
On February 2, 2018, Katie purchased and placed in service a new $18,500 car. The car was used 65% for business, 5% for production of income, and 30% for personal use in 2018. In 2019, the usage changed to 40% for business, 15% for production of income, and 45% for personal use. Katie did not elect immediate expensing under § 179. She elects not to take additional first-year depreciation.
If required, round your answers to the nearest dollar.
Click here to access the cost recovery tables of the textbook. Assume the following luxury automobile limitations: year 1: $10,000; year 2: $16,000.
a. The cost recovery deduction taken in 2018 was $.
b. The cost recovery deduction for 2019 is $.
c. The cost recovery recapture, if any, in 2019 is $.
Other similar questions posted and answered are wrong.
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Tax Problem
On February 2, 2018, Katie purchased and placed in service a new
$18,500 car....
Accountancy
I want to know how to calculate Cost recovery deduction for a Luxury car as well as a normal car for 1st and 2nd year? where there is a limitation for deduction over the year for cost recovery deduction.new car purchased with a cost of $25000 on May 31,2020. in the year 2020, the car was used 90% for business, 5% for production and 5% for personal use. In 2021 the usage changed to 30% for business, 30% for production...
On April 5, 2018, Kinsey places in service a new automobile that cost $70,250. He does...
On April 5, 2018, Kinsey places in service a new automobile that cost $70,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. Assume the following luxury...
On April 5, 2018, Kinsey places in service a new automobile that cost $49,250. He does...
On April 5, 2018, Kinsey places in service a new automobile that cost $49,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 85% for business and 15% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. Assume the following luxury...
Problem 6-44 (LO 6-3) On February 4, 2018, Jackie purchased and placed in service a car...
Problem 6-44 (LO 6-3) On February 4, 2018, Jackie purchased and placed in service a car she purchased for $23,400. The car was used exclusively for her business. Compute Jackie's cost recovery deduction in 2018 assuming no $179 expense but the bonus was taken: (Use Table 6A-1 and Luxury Automobile Depreciation) Jackie's cost recovery deduction
For 2018 the answer is not 9835, 10538, and 21075. For 2019 the answer is not...
For 2018 the answer is not 9835, 10538, and 21075. For 2019 the
answer is not 15736, 16860, and 10237.
On April 5, 2018, Kinsey places in service a new automobile that cost $70,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto...
Only correct answers. This is the third time posting this. On April 5, 2018, Kinsey places...
Only correct answers. This is the third time posting this.
On April 5, 2018, Kinsey places in service a new automobile that cost $70,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile that cost $65,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 60% for business and 40% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile that cost $68,750. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 95% for business and 5% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile that cost 576,250. He does not elect $ 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 90% for business and 10% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this...
Exercise 5-9 (Algorithmic) (LO. 8) On April 5, 2019, Kinsey places in service a new automobile...
Exercise 5-9 (Algorithmic) (LO. 8) On April 5, 2019, Kinsey places in service a new automobile that cost $50,750. He does not elect g 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 70% for business and 30% for personal use in each tax year. Kinsey chooses the MACRS 200 % declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for...
On April 5, 2018, Kinsey places in service a new automobile that cost $70,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. Assume the following luxury...
Problem 6-44 (LO 6-3) On February 4, 2018, Jackie purchased and placed in service a car she purchased for $23,400. The car was used exclusively for her business. Compute Jackie's cost recovery deduction in 2018 assuming no $179 expense but the bonus was taken: (Use Table 6A-1 and Luxury Automobile Depreciation) Jackie's cost recovery deduction
For 2018 the answer is not 9835, 10538, and 21075. For 2019 the
answer is not 15736, 16860, and 10237.
On April 5, 2018, Kinsey places in service a new automobile that cost $70,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto...
Only correct answers. This is the third time posting this.
On April 5, 2018, Kinsey places in service a new automobile that cost $70,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 75% for business and 25% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile that cost $65,000. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 60% for business and 40% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile that cost $68,750. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 95% for business and 5% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this...
Exercise 8-27 (Algorithmic) (LO. 4) On April 5, 2019, Kinsey places in service a new automobile that cost 576,250. He does not elect $ 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 90% for business and 10% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this...
Exercise 5-9 (Algorithmic) (LO. 8) On April 5, 2019, Kinsey places in service a new automobile that cost $50,750. He does not elect g 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 70% for business and 30% for personal use in each tax year. Kinsey chooses the MACRS 200 % declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for...
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