Tax depreciation 2015 2016 2017 2018 deductions Adjusted Property Acquisition Date Cost Metho...
| Tax depreciation | 2015 | 2016 | 2017 | 2018 deductions | Adjusted | |||||||||
| Property | Acquisition Date | Cost | Method | Class | MACRS | MACRS | MACRS | Section 179 | Bonus | MACRS | basis | |||
| Computer Equipment #1 | 2/1/15 | 2,800 | MACRS | 200% DB | 5 | |||||||||
| Furniture | 3/1/15 | 8,000 | MACRS | 200% DB | 7 | |||||||||
| Display Cases | 3/1/15 | 12,900 | MACRS | 200% DB | 5 | |||||||||
| Security System | 5/1/15 | 15,000 | MACRS | 200% DB | 7 | |||||||||
| Computer Equipment #2 | 8/1/18 | 14,000 | MACRS | 200% DB | 5 | |||||||||
| Additional notes: | ||||||||||||||
| [1] No Section 179 election or bonus depreciation on assets purchased before 2018 | ||||||||||||||
| [2] Maximize deduction for 2018 asset addition. | ||||||||||||||
| [3] Computer Equipment #1 was sold on September 21, 2018. | ||||||||||||||
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Tax depreciation 2015 2016 2017 2018 deductions Adjusted Property Acquisition Date Cost Metho...
Woolard Supplies (a sole-proprietorship) has taxable income in 2018 of $240,000 before any depreciation deductions (§179,...
Woolard Supplies (a sole-proprietorship) has taxable income in 2018 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset...
Sam acquires the following 5-year class property in 2018: Asset Date of Acquisition Cost X April...
Sam acquires the following 5-year class property in 2018: Asset Date of Acquisition Cost X April 10 $ 60,000 Y July 25 $ 55,000 Z December 1 $ 110,000 $225,000 What is Sam's MACRS depreciation for 2018, assuming no Section 179 or bonus depreciation?
Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions...
Woolard Supplies (a sole proprietorship) has taxable income in
2019 of $240,000 before any depreciation deductions (§179, bonus,
or MACRS) and placed some office furniture into service during the
year. The furniture had been used previously by Liz Woolard (the
owner of the business) before it was placed in service by the
business. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table
5.) (Do not round intermediate calculations. Round your
answers to the nearest whole dollar amount.)...
depreciation? Lo 10.3 58. Assume that Timberline Corporation has 2018 taxable income of $240 LO 10-3...
depreciation? Lo 10.3 58. Assume that Timberline Corporation has 2018 taxable income of $240 LO 10-3 purposes of computing the $179 expense. It acquired the following assets in 2018: Asset Purchase Date Basis Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total December 1 $450,000 90,000 30,000 May 22480,000 $1,050,000 February 28 July 15 CHAPTER 1O Property Acquisition and Cost Recov a) What is the maximum amount of $179 expense Timberline may deduct for 2018? b) What would Timberline's...
Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions...
Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Placed In Service Basis Office furniture (used) March 20 $ 1,200,000 rev:...
Problem 8-8 Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation...
Problem 8-8 Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, 8.4, 8.5) During 2018, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30) $51,500 Baking equipment (June 30) 6,500 Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile (which has a...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/15 7/15/19 HY $ 87,500 Machinery (7-year) 3/23/16 3/15/19 MQ 104,500 Delivery truck* (5-year) 9/17/17 3/13/19 HY 46,000 Machinery (7-year) 10/11/18 8/11/19 MQ 303,800 Computer (5-year) 10/11/19 12/15/19 HY 106,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2019 depreciation deduction (ignore §179 expense and bonus...
28. On August 1, 2018, David purchased manufacturing equipment for use in his business. The equipment...
28. On August 1, 2018, David purchased manufacturing equipment for use in his business. The equipment cost $14,000 and has an estimated useful life and MACRS class life of 7 years. a. Calculate the amount of depreciation on the manufacturing equipment for 2018 using the accelerated MACRS method and no election to expense or use bonus depreciation is made. b. Calculate the amount of depreciation on the manufacturing equipment for 2018 using the accelerated MACRS method and bonus depreciation used...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original...
Way Corporation disposed of the following tangible personal property assets in the current year. Date Date Original Asset Acquired Sold Convention Basis Furniture (7-year) 5/12/15 7/15/19 HY $ 72,500 Machinery (7-year) 3/23/16 3/15/19 MQ 89,500 Delivery truck* (5-year) 9/17/17 3/13/19 HY 34,000 Machinery (7-year) 10/11/18 8/11/19 MQ 288,200 Computer (5-year) 10/11/19 12/15/19 HY 94,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation’s 2019 depreciation deduction (ignore §179 expense and bonus...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A В с Total January 10 July 5 November 15 $ 106,000 70,000 1,950,000 $ 2.126.000 Audra elects Code Section 179 treatment for Asset C. Her taxable income from her business would not create a limitation for purposes of the Code Section 179 deduction. Audra does not claim any available additional first-year depreciation deduction. Determine her total cost recovery deduction (including the Code Section 179...
Woolard Supplies (a sole proprietorship) has taxable income in
2019 of $240,000 before any depreciation deductions (§179, bonus,
or MACRS) and placed some office furniture into service during the
year. The furniture had been used previously by Liz Woolard (the
owner of the business) before it was placed in service by the
business. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table
5.) (Do not round intermediate calculations. Round your
answers to the nearest whole dollar amount.)...
depreciation? Lo 10.3 58. Assume that Timberline Corporation has 2018 taxable income of $240 LO 10-3 purposes of computing the $179 expense. It acquired the following assets in 2018: Asset Purchase Date Basis Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total December 1 $450,000 90,000 30,000 May 22480,000 $1,050,000 February 28 July 15 CHAPTER 1O Property Acquisition and Cost Recov a) What is the maximum amount of $179 expense Timberline may deduct for 2018? b) What would Timberline's...
28. On August 1, 2018, David purchased manufacturing equipment for use in his business. The equipment cost $14,000 and has an estimated useful life and MACRS class life of 7 years. a. Calculate the amount of depreciation on the manufacturing equipment for 2018 using the accelerated MACRS method and no election to expense or use bonus depreciation is made. b. Calculate the amount of depreciation on the manufacturing equipment for 2018 using the accelerated MACRS method and bonus depreciation used...
69. Audra acquires the following new five-year class property in 2019: Asset Acquisition Date Cost A В с Total January 10 July 5 November 15 $ 106,000 70,000 1,950,000 $ 2.126.000 Audra elects Code Section 179 treatment for Asset C. Her taxable income from her business would not create a limitation for purposes of the Code Section 179 deduction. Audra does not claim any available additional first-year depreciation deduction. Determine her total cost recovery deduction (including the Code Section 179...
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