For vehicles placed in service on or before December 31, 2017 the first year limit on...
Homework Answers
ANSWER:
For the vehicles placed in service on or before december 31 2017
the maximum deduction amount for automobiles and motor vehicles
(other than trucks or vans) under section 179 for the first year is
$11160 and If
you elected not to claim any special depreciation
allowance or the vehicle is not qualified
property, the maximum deduction is $3,160.
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For vehicles placed in service on or before December 31, 2017 the first year limit on...
what is the first year limit on depreciation special depreciation allowance in Section 179 deduction for...
what is the first year limit on depreciation special depreciation allowance in Section 179 deduction for trucks and vans for vehicles placed in service on or before December 31st 2017 a 11000 b 11,200 c11000 D 12200
On May 31, 2017, Javier Sanchez purchased and placed in service a 7-year class asset costing...
On May 31, 2017, Javier Sanchez purchased and placed in service a 7-year class asset costing $698,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). Compute the maximum deductions (including first year additional depreciation) that Javier Sanchez can claim with respect to this asset in 2017 and 2018. If required round your intermediate computations and final answers to the nearest dollar. Click here to access the depreciation table to use for...
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life)...
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2019, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2019, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2019 is $50,000. Jack...
Land was purchased for $150,000 and placed in service during the current year. Taxable income before...
Land was purchased for $150,000 and placed in service during the current year. Taxable income before the 179 deduction was $300,000. Indicate the amount of a deduction under the Section 179 election a $150,000 $300,000 b. $30,000 d. No 179 election is allowed.
On June 15, 2018, Bill Jones purchased and placed in service a new office filing cabinet...
On June 15, 2018, Bill Jones purchased and placed in service a new office filing cabinet for his business. The cabinet cost $600, and neither §179 nor special depreciation was claimed. Using the half-year convention, 200% declining balance method, what is his first-year depreciation deduction for the new office filing cabinet?
Various equipment was purchased and placed in service this year in the amount of $3,000,000. Taxable...
Various equipment was purchased and placed in service this year in the amount of $3,000,000. Taxable income before the 179 deduction was $400,000, Indicate the amount of deduction under the Section 179 election, $570,000 a b. No 179 election is allowed c. $1,020,000 $450,000 d. $2,550,000
Assume that the Section 179 deduction limit is $1,000,000 and that businesses exceeding a total of...
Assume that the Section 179
deduction limit is $1,000,000 and that businesses exceeding a total
of $2,500,000 in purchases of qualifying personal property will
have the Section 179 deduction phase-out dollar-for-dollar. Also
assume that the taxpayer has elected out of any bonus depreciation.
Please treat each item separately.
1. Equipment in the amount of $300,000 was purchased and placed in service during the current year. Taxable income before the 179 deduction was $900,000. No other personal or real property was...
Section 179. In May 2019, Riddick Enterprises placed in service new 7 year property costing $1,100,000...
Section 179. In May 2019, Riddick Enterprises placed in service new 7 year property costing $1,100,000 and new 5 year property costing $1,100,000. These are the only two properties Riddick placed in service during the year. Riddick elects out of bonus depreciation. a. Compute Riddick's total depreciation expense deduction assuming Riddick uses regular MACRS and elects to take the maximum Section 179 expense on the 5 year property. b. Compute Riddick's total depreciation expense deduction assuming Riddick uses regular MACRS...
Question 13 of 75. In January 2015, Sue purchased and placed into service a $20,000 piece...
Question 13 of 75. In January 2015, Sue purchased and placed into service a $20,000 piece of equipment for exclusive use in her busines. Since then, she claimed a $6,000 Section 179 deduction and $6,654 MACRS depreciation. She sold the equipment in November 2017 for $7,000. What is the amount and type of gain or loss, and where on Form 4797 does Sue report the sale? O $346 $1231 loss, Part I O $346 $1231 gain, Part. O $346 $1245...
Kaytlan purchased and placed in service a new $2,870,000 five-year class asset on October 1, 2019....
Kaytlan purchased and placed in service a new $2,870,000 five-year class asset on October 1, 2019. Assume this was the only asset purchased in 2019. Kaytlan elected to take the maximum Section 179 expense deduction allowed but elected NOT to take additional first-year (bonus) depreciation. Kaytlan’s taxable income for 2019 before the cost recovery on this asset was $600,000. Be sure to show all of your calculations for each numbered item!! You must complete the assignment on this worksheet! 1....
In April of 2019, Jack purchased and placed in service $70,000 of automobiles (5-year class life) for his business. In August of 2019, he purchased and placed in service $40,000 of trucks (5-year class life) for his business. In November of 2019, he purchased and placed in service $90,000 of furniture (7-year class life) for his business. These are the only assets placed in service during the year. His taxable income (before the 179 deduction) for 2019 is $50,000. Jack...
Land was purchased for $150,000 and placed in service during the current year. Taxable income before the 179 deduction was $300,000. Indicate the amount of a deduction under the Section 179 election a $150,000 $300,000 b. $30,000 d. No 179 election is allowed.
Various equipment was purchased and placed in service this year in the amount of $3,000,000. Taxable income before the 179 deduction was $400,000, Indicate the amount of deduction under the Section 179 election, $570,000 a b. No 179 election is allowed c. $1,020,000 $450,000 d. $2,550,000
Assume that the Section 179
deduction limit is $1,000,000 and that businesses exceeding a total
of $2,500,000 in purchases of qualifying personal property will
have the Section 179 deduction phase-out dollar-for-dollar. Also
assume that the taxpayer has elected out of any bonus depreciation.
Please treat each item separately.
1. Equipment in the amount of $300,000 was purchased and placed in service during the current year. Taxable income before the 179 deduction was $900,000. No other personal or real property was...
Question 13 of 75. In January 2015, Sue purchased and placed into service a $20,000 piece of equipment for exclusive use in her busines. Since then, she claimed a $6,000 Section 179 deduction and $6,654 MACRS depreciation. She sold the equipment in November 2017 for $7,000. What is the amount and type of gain or loss, and where on Form 4797 does Sue report the sale? O $346 $1231 loss, Part I O $346 $1231 gain, Part. O $346 $1245...
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