Question: On May 28 2014 Mary purchased and placed in service
On May 28, 2014, Mary purchased and placed in service a new $20,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2014. In 2015, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Mary did not elect immediate expensing under § 179. She did not claim any available additional first-year depreciation. Compute Mary's cost recovery deduction and any cost recovery recapture in 2015.
Answer to relevant QuestionsIn 2014, Muhammad purchased a new computer for $16,000. The computer is used 100% for business. Muhammad did not make a § 179 election with respect to the computer. He does not claim any available additional first-year ...Cardinal Corporation is a trucking firm that operates in the Mid-Atlantic States. One of Cardinal's major customers frequently ships goods between Charlotte and Baltimore. Occasionally, the customer sends last-minute ...Wayside Fruit Company is a sole proprietorship owned by Neil Stephenson. The company's records reflect the following: Sales revenue ................... $185,000 Operating expenses ................ 125,000 Depreciation ...Jorge owns two passive investments, Activity A and Activity B. He plans to dispose of Activity A in the current year or next year. Juanita has offered to buy Activity A this year for an amount that would produce a taxable ...The end of the year is approaching, and Maxine has begun to focus on ways of minimizing her income tax liability. Several years ago, she purchased an investment in Teal Limited Partnership, which is subject to the at-risk ...
Post your question