Homework Answers
ANS1
Option B $ 2500 (office Table $1,000 + offfice Desk &1500)
Explanation :- computer is not taken deduction because it is purchased on december 31 st last day of the year .
File cabinet is not treated as assets.
Add Answer to:
270 89396 8.92% 8.93% 4.46% 5.76% 8 10 12 13 14 15 Below are four asset...
7-DEPRECIATION UNDER FEDERAL INCOME TAX DEPRECIATION RULES Table 1: Half-Year Convention 200% Declining Balance Year 3...
7-DEPRECIATION UNDER FEDERAL INCOME TAX DEPRECIATION RULES Table 1: Half-Year Convention 200% Declining Balance Year 3 Year 5 Year7 Year 33.33% 44.45% 14.81% 7.41% 20.00% 32.00% 19.20% 11.52% 11.52% 14.29% 24.49% 17.49% 12.49% 8.9396 8.92% 8.93% 4.46% 5.76% 10 12 13 14 15 1. Below are four asset purchases made in 2012: Cost Date Asset Office Table Office Deslk File Cabinet Computer January 1, 2012 September 29, 2012 October 15, 2012 December 31, 2012 $1,000 1,500 2,000 6,000 What is...
Complete the (4) depreciation tables/caclulations below using the following MACRS table: YEAR 3-YEAR 33.33% 44.45% 14.81%...
Complete the (4) depreciation tables/caclulations below using the following MACRS table: YEAR 3-YEAR 33.33% 44.45% 14.81% 7.41% 5-YEAR 20.00% 32.00% 19.20% 11.52% 11.52% 5.76% 7-YEAR 14.29% 24.49% 17.49% 12.49% 8.93% 8.92% 8.93% 4.46% 100.00% 100.00% 100.00% 1. During 2012, Axel Corporation purchases new machinery (5-year property) for $200,000 and decides not to take a Section 179 deduction. a. Computer maximum tax depreciation for the machinery for 2012-2017. Year Depreciation calculation Dep. Exp. 2012 2012 2013 2014 2015 2016 2017 Total...
stering Depreciation Depreciation of property other than real property begins in the middle of the in...
stering Depreciation Depreciation of property other than real property begins in the middle of the in which it is placed in service when more than: 25% of the total cost ofall depreciable property placed in service du occurs during the fourth quarter. 40% of the total cost of property less any Section 179 deduction placed in service during the year occurs during the fourth quarter. 40% of the total cost of all depreciable property placed in service during the ye...
3 Depreciation of property other than real property begins in the middle of the in which...
3 Depreciation of property other than real property begins in the middle of the in which it is placed in service when more than 3. 25% of the total cost of all depreciable property placed in service occurs during the fourth quarter. 40% of the total cost ofproperty less any Section 170 deduction during the year occurs during the fourth quarter. 40% of the total cost of all depreciable property placed in occurs during the fourth quarter 25% of the...
What is the maximum amount of depreciation deduction Harris Corp. can deduct in its second year...
What is the maximum amount of depreciation deduction Harris
Corp. can deduct in its second year of operation?
What is the basis of the office equipment at the end of the
second year?
Harris Corp. is a technology start-up and is in its second year of operations. The company didn't purchase any assets this year but purchased the following assets in the prior year: Placed in Service Asset Basis Office equipment Manufacturing equipment Computer system August 14 April 15 $...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179 expense. The company acquired the following assets during 2018 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5). Assume that the qualified improvement property has satisfied the conditions mentioned under Section 179(f)(2) Asset Placed in Service Basis Machinery Computer equipment Delivery truck Qualified improvement property Total 12-Sep 10-Feb 21-Aug 2-Apr $ 472,000 72,800 95,000 1,382,000 $2,021,000 a. What is the...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179 expense. The company acquired the following assets during 2018 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5). Assume that the qualified improvement property has satisfied the conditions mentioned under Section 179(f)(2) Asset Placed in Service Basis Machinery Computer equipment Delivery truck Qualified improvement property Total 12-Sep 10-Feb 21-Aug 2-Apr $ 472,000 72,800 95,000 1,382,000 $2,021,000 a. What is the...
Chaz Corporation has taxable income in 2014 of $343,000 before the §179 expense and acquired the...
Chaz Corporation has taxable income in 2014 of $343,000 before
the §179 expense and acquired the following assets during the
year:
Asset
Placed in
Service
Basis
Office
furniture
September 12
$1,190,000
Computer
equipment
February 10
918,000
Delivery truck
August 21
59,000
Total
$2,167,000
What is the maximum total depreciation expense that
Chaz may deduct in 2014? (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.) (Take the §179 deduction only on...
. EXHIBIT 10-10 Automobile Depreciation Limits Year Placed in Service 2019* 2018 2017 2016 Recovery Year...
.
EXHIBIT 10-10 Automobile Depreciation
Limits
Year Placed in
Service
2019*
2018
2017
2016
Recovery Year 1
10,000**
10,000*
3,160*
3,160*
Recovery Year 2
16,000
16,000
5,100
5,100
Recovery Year 3
9,600
9,600
3,050
3,050
Recovery Year 4 and after
5,760
5,760
1,875
1,875
TABLE 2a MACRS Mid-Quarter Convention: For
property placed in service during the first quarter
Depreciation Rate for
Recovery Period
5-Year
7-Year
Year 1
35.00%
25.00%
Year 2
26.00
21.43
Year 3
15.60
15.31
Year 4
11.01...
Required information (The following information applies to the questions displayed below.) points Skippe...
Required information (The following information applies to the questions displayed below.) points Skipped Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $650,000 for purposes of computing the $179 expense. The company acquired the following assets during 2019: (Use MACRS Table 1, Table 2, Table 3. Table 4 and Table 5.) eBook Print References Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $2,270,000 263,000 880,000 $3,413,000 a. What is the maximum...
7-DEPRECIATION UNDER FEDERAL INCOME TAX DEPRECIATION RULES Table 1: Half-Year Convention 200% Declining Balance Year 3 Year 5 Year7 Year 33.33% 44.45% 14.81% 7.41% 20.00% 32.00% 19.20% 11.52% 11.52% 14.29% 24.49% 17.49% 12.49% 8.9396 8.92% 8.93% 4.46% 5.76% 10 12 13 14 15 1. Below are four asset purchases made in 2012: Cost Date Asset Office Table Office Deslk File Cabinet Computer January 1, 2012 September 29, 2012 October 15, 2012 December 31, 2012 $1,000 1,500 2,000 6,000 What is...
Complete the (4) depreciation tables/caclulations below using the following MACRS table: YEAR 3-YEAR 33.33% 44.45% 14.81% 7.41% 5-YEAR 20.00% 32.00% 19.20% 11.52% 11.52% 5.76% 7-YEAR 14.29% 24.49% 17.49% 12.49% 8.93% 8.92% 8.93% 4.46% 100.00% 100.00% 100.00% 1. During 2012, Axel Corporation purchases new machinery (5-year property) for $200,000 and decides not to take a Section 179 deduction. a. Computer maximum tax depreciation for the machinery for 2012-2017. Year Depreciation calculation Dep. Exp. 2012 2012 2013 2014 2015 2016 2017 Total...
stering Depreciation Depreciation of property other than real property begins in the middle of the in which it is placed in service when more than: 25% of the total cost ofall depreciable property placed in service du occurs during the fourth quarter. 40% of the total cost of property less any Section 179 deduction placed in service during the year occurs during the fourth quarter. 40% of the total cost of all depreciable property placed in service during the ye...
3 Depreciation of property other than real property begins in the middle of the in which it is placed in service when more than 3. 25% of the total cost of all depreciable property placed in service occurs during the fourth quarter. 40% of the total cost ofproperty less any Section 170 deduction during the year occurs during the fourth quarter. 40% of the total cost of all depreciable property placed in occurs during the fourth quarter 25% of the...
What is the maximum amount of depreciation deduction Harris
Corp. can deduct in its second year of operation?
What is the basis of the office equipment at the end of the
second year?
Harris Corp. is a technology start-up and is in its second year of operations. The company didn't purchase any assets this year but purchased the following assets in the prior year: Placed in Service Asset Basis Office equipment Manufacturing equipment Computer system August 14 April 15 $...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179 expense. The company acquired the following assets during 2018 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5). Assume that the qualified improvement property has satisfied the conditions mentioned under Section 179(f)(2) Asset Placed in Service Basis Machinery Computer equipment Delivery truck Qualified improvement property Total 12-Sep 10-Feb 21-Aug 2-Apr $ 472,000 72,800 95,000 1,382,000 $2,021,000 a. What is the...
Assume that ACW Corporation has 2018 taxable income of $1,020,000 for purposes of computing the §179 expense. The company acquired the following assets during 2018 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5). Assume that the qualified improvement property has satisfied the conditions mentioned under Section 179(f)(2) Asset Placed in Service Basis Machinery Computer equipment Delivery truck Qualified improvement property Total 12-Sep 10-Feb 21-Aug 2-Apr $ 472,000 72,800 95,000 1,382,000 $2,021,000 a. What is the...
Chaz Corporation has taxable income in 2014 of $343,000 before
the §179 expense and acquired the following assets during the
year:
Asset
Placed in
Service
Basis
Office
furniture
September 12
$1,190,000
Computer
equipment
February 10
918,000
Delivery truck
August 21
59,000
Total
$2,167,000
What is the maximum total depreciation expense that
Chaz may deduct in 2014? (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.) (Take the §179 deduction only on...
.
EXHIBIT 10-10 Automobile Depreciation
Limits
Year Placed in
Service
2019*
2018
2017
2016
Recovery Year 1
10,000**
10,000*
3,160*
3,160*
Recovery Year 2
16,000
16,000
5,100
5,100
Recovery Year 3
9,600
9,600
3,050
3,050
Recovery Year 4 and after
5,760
5,760
1,875
1,875
TABLE 2a MACRS Mid-Quarter Convention: For
property placed in service during the first quarter
Depreciation Rate for
Recovery Period
5-Year
7-Year
Year 1
35.00%
25.00%
Year 2
26.00
21.43
Year 3
15.60
15.31
Year 4
11.01...
Required information (The following information applies to the questions displayed below.) points Skipped Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $650,000 for purposes of computing the $179 expense. The company acquired the following assets during 2019: (Use MACRS Table 1, Table 2, Table 3. Table 4 and Table 5.) eBook Print References Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $2,270,000 263,000 880,000 $3,413,000 a. What is the maximum...
Most questions answered within 3 hours.
-
consider the following price index in 2017:85; price
index in 2018: 100; price index 2019: 110;...
asked 21 minutes ago -
What is the [CH3COO–]/[CH3COOH]
ratio necessary to make a buffer solution with a pH of 4.34?...
asked 26 minutes ago -
a
physics textbook is thrown straight upward with a velocity of 5.00
m/s from the too...
asked 26 minutes ago -
QUESTION: Provide a real-world example or describe a
hypothetical situation in which a legitimate organization used...
asked 25 minutes ago -
In the United States, laws mandating that companies be
responsible for take back of electronic wastes...
asked 42 minutes ago -
URGENT PLEASE HELP. could you make it easy to understand and in
C++ thanks
1. (30...
asked 50 minutes ago -
Case Study. Multi Projects
Multi Projects, Inc., is a well-established consulting firm
with 400 employees. It...
asked 55 minutes ago -
An 8.00 kg point mass and a 15.0 kg point mass are held in place
50.0...
asked 56 minutes ago -
What would cause my program to execute the first if statement no
problem, but the second...
asked 57 minutes ago -
The Department of Transportation (DOT) would like to test the
hypothesis that the average age of...
asked 1 hour ago -
Suppose Hoosiers, a specialty clothing store, rents space at a
local mall for one year, paying...
asked 1 hour ago -
2. Your client from number 1 above is absolutely ecstatic about
the verdict in the immunization...
asked 1 hour ago