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Michael purchased equipment on September of the current year, in the amount of $40,000 for his...
Tracy purchased equipment in the amount of $75,000 for his Schedule C trucking business. How much can he claim for Section 179 on his California return? $37,500 $0 $25,000 $75,000
Mr. Condor began producing picture films in the current year. During the current year, he made the following contributions to his business 1. $10,000 Equipment (adjusted basis to Condor).15,000 (fair market value)....30,000 Loan from First Bank that he personally promised to repay Loan from Second Bank for which he is not personally liable but that is secured by a mortgage on his hom.e... 10,000 Loan from Third Bank for which he is not personally liable but that is secured by...
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount. In the current...
In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount.
Michael O’Brien is unmarried. He drove for Uber in 2018. He lives with his 24-year-old son, Kevin. Kevin worked in a university and had $50,000 income in 2018. This was his first year driving for Uber so he did not keep track of all his business expenses such as mileage and meals. His total income from Uber was $32,000. Uber gave him a 1099-K stating his total mileage was 20,894 miles in 2018. He did not make any estimated payments...
In the current year B purchased new office equipment costing $40,000 and received a trade allowance of $3,000 for her old equipment. The old equipment was acquired 6 years ago for $19,000. B’s class 8 UCC balance the beginning of the current year was $12,000. What is the maximum CCA deduction for class 8 that B can claim in the current year? Note: Do not place a minus sign in front of the amount.
Broudell corp purchased new equipment in the current year for $510,000 . How much of the cost of this machine can Broudell expense before computing depreciation? A. $500,000 B. $10,000 C. $0 D. $25,000
Tax Drill - Section 179 For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. If an amount is zero, enter "0" a. McKenzie's § 179 expense deduction is $ 5,600 for 2019. His § 179 carryover to 2020 is $ 206,400 b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment?...
after having the $18,750 whats the next step to get the $6,250? 6 var 5,600 LLO (1,100 12. In 2019 Shaun, who files his federal income tax return as a "single" taxpayer, received wages of $180,000 from his job working in Chicago as a civil engineer and had $40,000 of long-term capital gains from the sale of XYZ Corporation stock. He had no other items of income, no for AGI deductions, and he claimed the standard deduction on his 2019...
At the time Lincoln moved to California last year, he had a capital loss carryover of $12,750 from previous years when he resided in New York. The capital loss was not related to California source income. Provided Lincoln has no capital gain or loss for the current year, how much of this capital loss carryover will Lincoln be allowed to claim on his California state return this year? a)$ 0 b) $ 1,500 c) $ 3,000 d) $12,750 Bill is...