James bought and placed in service computer equipment in 2021. He paid $15,000 cash and received...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
James bought and placed in service computer equipment in 2021. He paid $15,000 cash and received a $3,000 trade-in allowance for his old computer equipment. James had an adjusted basis of $4,000 in the old computer equipment. He used both the old and new computer equipment 90% for business and 10% for personal purposes. His allowable Sec. 179 expense deduction is O A. $13,500 O B. $17,100 O C. $15,000 O D. $16,200 James bought and placed in service computer equipment in 2021. He paid $15,000 cash and received a $3,000 trade-in allowance for his old computer equipment. James had an adjusted basis of $4,000 in the old computer equipment. He used both the old and new computer equipment 90% for business and 10% for personal purposes. His allowable Sec. 179 expense deduction is O A. $13,500 O B. $17,100 O C. $15,000 O D. $16,200
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below Image James bought and placed in servic... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Find the volume of the hexagonal prism whose base is a regular hexagon of side x = 10cm.
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-7. Ivan sold the following securities during the year and received a Form 1099-B that...
-
On January 1, 20X7, CP Co. (a Canadian company) purchased 80% of SF Co. (a U.S. company) at a cost of US$50,000. The book values of SF's net assets were equal to their fair market values on this date...
-
The speed of a runner increased steadily during the first three seconds of a race. Her speed at half-second intervals is given in the table. Find lower and upper estimates for the distance that she...
-
A billiards ball hits the side wall of the table at angle of 20 o with respects to the side wall. What is the angle of incidence with respect to the normal line?
-
Solve the following initial value problem using Laplace transform: (a) \[\frac{d y}{d t}=-y+e^{-3 t}, \quad y(0)=2\] (b) \[\frac{d y}{d t}+11 y=3, \quad y(0)=-2\] (c) \[\frac{d y}{d t}+2 y=2 e^{7 t},...
-
During the 1980s, most of the worlds supply of lysine was produced by a Japanese company named Ajinomoto. Lysine is an essential amino acid that is an important livestock feed component. At this...
-
c) What is the output of the code fragment? public class Packagel { int type; double price; public static void main(String[] args) { Packagel pl = new Packagel (); } System.out.println(pl.type + " "...
-
The audit staff of Adams, Barnes & Co. (ABC), CPAs, reported the following audit findings in their 20X5 audit of Keystone Computers & Networks (KCN), Inc.: 1. Unrecorded liabilities in the amount of...
-
Using a simple digital calendaring system of your choice, create a time line using any chart/calendar format that reflects your course requirements-for ALL the courses you are enrolled in this Fall....
-
From a series of verbal and nonverbal clues, you recognize that your sales presentation has gone really well. You know you can utilize a number of confident closing techniques to close the sale....
-
What does GAAP stand for, and what is its primary purpose?
-
List the ways by which repeat sales can be accomplished. Conversely, list the reasons for customer attrition.
-
What two characteristics make an effective cost driver?
-
Identify the most effective ways a salesperson might prepare the prospect for contact with the competition.
-
Describe the four functions of the respiratory system and identify the structures involved in each. What happens when one of those structures is not working properly? Select one structure and...
-
Time Travel Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $25,000 to help organize the corporation. Time Travel also issued...
-
Leslie is a single taxpayer who is under age 65 and in good health. For 2012, she has a salary of $23,000 and itemized deductions of $1,000. Leslie is entitled to one exemption on her tax return. a....
-
Calculate the amount of the child and dependent care credit allowed for 2012 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. a. William and Carla...
-
Diego, age 28, married Dolores, age 27, in 2012. Their salaries for the year amounted to $46,479 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income...
-
Cress Trust owns houses in Marion County, for whom Rainbow Realty Group, Inc., sells, rents, and manages. The same person serves as Rainbows president and Cresss corporate trustee. Cress offers four...
-
Genevieve and William Timmons began their tenancy of a ground-floor apartment at Cobblestone Square in September 2011. Kingsley-Johnston, Inc., is a property management company responsible for...
-
Linda Miller rented 35 acres of pastureland in Wabaunsee County, Kansas, from William Burnett for $1,000 per year. Miller and her husband used the land to grow and harvest brome grass for their...
Study smarter with the SolutionInn App