On 6/2/Y3, Brad sold the car purchased in Y1 for $7,500. On 10/3/Y3, Brad sold the...

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On 6/2/Y3, Brad sold the car purchased in Y1 for $7,500. On 10/3/Y3, Brad sold the equipment purchased in Y2 for $9000. 3) What's Brad's total depreciation deduction in Y3? Intangibles-Goodwill M purchased a business for $500,000 on 1/1/x1. The business has the following assets: Accounts Receivable Land with a FMV of Building with a FMV of Equipment (7-year MACRS) with FMV of Total FMV of identifiable assets Goodwill comprises the remainder paid Total purchase price of business Compute the MACRS and amortization deduction for Y1. CHP 213 $40,000 $90,000 $100,000 x 2461- $150,000 $380,000 $500,000 $120,000/180th • 12 = On 6/2/Y3, Brad sold the car purchased in Y1 for $7,500. On 10/3/Y3, Brad sold the equipment purchased in Y2 for $9000. 3) What's Brad's total depreciation deduction in Y3? Intangibles-Goodwill M purchased a business for $500,000 on 1/1/x1. The business has the following assets: Accounts Receivable Land with a FMV of Building with a FMV of Equipment (7-year MACRS) with FMV of Total FMV of identifiable assets Goodwill comprises the remainder paid Total purchase price of business Compute the MACRS and amortization deduction for Y1. CHP 213 $40,000 $90,000 $100,000 x 2461- $150,000 $380,000 $500,000 $120,000/180th • 12 =

Answer rating: 100% (QA)

1 Brads total depreciation deduction in Y3 is 3000 2 The MACRS deduction for Y1 is 1071428 and the a... View the full answer