Homework Answers
4. Answer is d) $21915
5. Answer is d) $641
6. Answer is a) $620000
These are as per IRS laws 2019
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4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a...
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost...
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost of $30,000. She also purchased a new business (e-year property) on November 20, 2020, at a cost of 513,000 Bonnie did not elect to expense either of the sets under $ 179, nor did she eclect straight line cost recovery. Bonnie takes additional first-year depreciation Determine the cost recovery deduction for 2020 for these assets O $7,858 b. $9.586 O c$21.915 Od 543,000 O...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under $ 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2020. Determine the cost recovery deduction for 2020. a. $19,133 b. $55,100 OC. $34,438 Od. $24,490 2. MC.08.062...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23,...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
QUESTION 13 White Company acquires a new machine (seven-year property) on January 10, 2020, at a...
QUESTION 13 White Company acquires a new machine (seven-year property) on January 10, 2020, at a cost of $620,000. White makes the election to expense the maximum amount under $ 179, and wants to take any additional first-year depreciation allowed. No election is made to use the straight-line method. Determine the total deductions in calculating taxable income related to the machine for 2020 assuming White has taxable income of $800,000. O a. 588,598 O b.$301,159 OC. $568,574 od. $620,000 O...
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....
Mary purchased a new five-year class asset on March 7, of the current year. The asset...
Mary purchased a new five-year class asset on March 7, of the current year. The asset was listed property (not an automobile). It was used 70% for business and the rest of the time for personal use. The asset cost $20,000. Mary made the § 179 election. The income from the business before the § 179 deduction was $200,000. Determine the total deductions with respect to the asset for 2019. $6,000 $10,000 $14,000 $20,000
2. Wally acquires and places in service a new machine (seven year property) on january 10,...
2. Wally acquires and places in service a new machine (seven year property) on january 10, 2018 at a cost of $1,080,000. Wally makes the election to expense the maximum amount under 179, but does not elect to take any additional first - year depreciation allowance. Wally does elect to maximize his first year MACRS depreciation deduction. Determine the total depreciation deduction Wally may claim on his 2018 federal income tax return, based on the elections he wants to make?...
purchased a business asset 5-year property on March 10, 2019, at a cost of $90,000. She...
purchased a business asset 5-year property on March 10, 2019, at a cost of $90,000. She did not elect to expense any of the cost under Section 179 and elected out of bonus depreciation, sold the asset on January 20, 2020. What is the adjusted basis in the asset at the time of sale?
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...
2. Iris placed in service a new business asset (five-year property) on November 30, 2017, at...
2. Iris placed in service a new business asset (five-year property) on November 30, 2017, at a cost of $100,000. This was the only asset acquired by Iris during 2017. She did NOT elect to expense any of the asset cost under § 179. Iris elected OUT of bonus depreciation (therefore no additional first year depreciation). (a) Determine her cost recovery for 2017. (b) Determine cost recovery in 2018 (year 2) (c) Determine cost recovery in 2017 if bonus depreciation...
QUESTION 1 Bonnie purchased a new business (five-year property) on March 10, 2020, at a cost of $30,000. She also purchased a new business (e-year property) on November 20, 2020, at a cost of 513,000 Bonnie did not elect to expense either of the sets under $ 179, nor did she eclect straight line cost recovery. Bonnie takes additional first-year depreciation Determine the cost recovery deduction for 2020 for these assets O $7,858 b. $9.586 O c$21.915 Od 543,000 O...
1. MC.08.056 Barry purchased a used business asset (seven-year property) on September 30, 2019, at a cost of $200,000. This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under $ 179, did not claim additional first-year depreciation, and did not elect straight-line cost recovery. Barry sold the asset on July 17, 2020. Determine the cost recovery deduction for 2020. a. $19,133 b. $55,100 OC. $34,438 Od. $24,490 2. MC.08.062...
IDUAL TAXATION FINAL EXAM 16. James purchased a new business asset (three-year personalty) on July 23, 2018, at a cost of $40,000. James takes additional first-year (Bonus) depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2018. a. $8,333 b. $26,666 c. $33,333 d. $40,000 e. None of the above 17. Bonnie purchased a new business asset (five-year property) on March 10, 2018, at a cost of $30,000. She also purchased a...
QUESTION 13 White Company acquires a new machine (seven-year property) on January 10, 2020, at a cost of $620,000. White makes the election to expense the maximum amount under $ 179, and wants to take any additional first-year depreciation allowed. No election is made to use the straight-line method. Determine the total deductions in calculating taxable income related to the machine for 2020 assuming White has taxable income of $800,000. O a. 588,598 O b.$301,159 OC. $568,574 od. $620,000 O...
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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