In 2022, Noam spent $52,786 starting a new business that manufactures anti-viral face masks. This is...
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In 2022, Noam spent $52,786 starting a new business that manufactures anti-viral face masks. This is a new business venture for Noam. All costs were ordinary and necessary, and the business began operations on Nov. 1,2022. What amount of the startup expenses can Noam deduct in 2022 if Noam chooses to accelerate his deductions as much as possible? X 586 Correct Answer: 2,776 Machine Inc. purchased a 100% business-use asset for $1,786,021 in 2020. The asset has a 5-year MACRS GDS recovery period and is depreciated under MACRS GDS (no SL election). The asset was placed in service on Dec. 1, 2020, and it was the only asset placed in service during 2020. Machine Inc. did not elect Section 179 expensing and elected out of Section 168(k) bonus depreciation in 2020. Machine Inc. sold the 5-year asset on April 10, 2022. What is Machine Inc.'s 2022 depreciation deduction for the 5-year asset? X 0 Correct Answer: 152,705 In 2022, Noam spent $52,786 starting a new business that manufactures anti-viral face masks. This is a new business venture for Noam. All costs were ordinary and necessary, and the business began operations on Nov. 1,2022. What amount of the startup expenses can Noam deduct in 2022 if Noam chooses to accelerate his deductions as much as possible? X 586 Correct Answer: 2,776 Machine Inc. purchased a 100% business-use asset for $1,786,021 in 2020. The asset has a 5-year MACRS GDS recovery period and is depreciated under MACRS GDS (no SL election). The asset was placed in service on Dec. 1, 2020, and it was the only asset placed in service during 2020. Machine Inc. did not elect Section 179 expensing and elected out of Section 168(k) bonus depreciation in 2020. Machine Inc. sold the 5-year asset on April 10, 2022. What is Machine Inc.'s 2022 depreciation deduction for the 5-year asset? X 0 Correct Answer: 152,705
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Answer 1 Noam can deduct a maximum of 2776 of the startup expenses in 2022 if he chooses to accelerate his deductions as much as possible This amount ... View the full answer
Related Book For
Federal Taxation 2017 Individuals
ISBN: 9780134420868
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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