FREE Trial

Deborah purchases a new $32,000 car in 2015 to use exclusively in her business. If Deborah does not elect to

Question:

Deborah purchases a new $32,000 car in 2015 to use exclusively in her business. If Deborah does not elect to expense in 2015 and holds the car until it is fully depreciated, how many years will this take? Please show your calculation

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 81% (11 reviews)

Even though a car has a 5 year life under MACRS the depreciation allowed for the …View the full answer


answer-question
Answered By
tutor-profile-image
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+ 3+ Reviews 10+ Question Solved
Related Book For  answer-question
Income Tax Fundamentals 2016

Income Tax Fundamentals 2016

ISBN: 9781337343527

34th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: September 11, 2016 11:41:12
See More Questions

Students also viewed these Accounting questions

Q:
Deborah purchases a new $32,000 car in 2016 to use exclusively in her business. If Deborah does not elect to expense but does take bonus depreciation in 2016 and holds the car until it is fully...
A:
Even though a car has a 5 year life under MACRS the depreciation allowed for the......
Q:
Deborah purchases a new $30,000 car in 2014 to use exclusively in her business. If Deborah does not elect to expense in 2014 and holds the car until it is fully depreciated, how many years will this...
A:
Even though a car has a 5 year life under MACRS the depreciation allowed for the......
Q:
Deborah purchases a new $30,000 car in 2013 to use exclusively in her business. If Deborah does not elect to expense or take bonus depreciation in 2013 and holds the car until it is fully...
A:
Even though a car has a 5 year life under MACRS the depreciation allowed for the......
Q:
Data from the registrar's office at Gigantic State University indicate that over the past 20 years tuition and enrollment have both increased. From this information we can conclude that: A. higher...
A:
Solution The correct option is C F......
Q:
How do newcomers learn the culture of an organization?
A:
The ability of an organizations culture to motivate employees and increase its ef......
Q:
A system consists of two electric motors that are coupled by a continuous flexible belt. The belt also passes over a swinging arm that is instrumented to allow measurement of the belt speed and...
A:
The signal flow graph shows three loops L 1 G 1 G 3 G 4 H 2 L 2 G 2 G 5 G......
Q:
Determine whether the following symbolized arguments are valid or invalid by constructing a truth table for each.
A:
Click to View...
Q:
Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Instructions (a) Calculate the...
A:
a Total estimated bad debts Number of Days Outstanding Total 0 30 31 60 61 90 91 120 Over......
Q:
A. Analyze the network design. Choose the right system devices for project implementation by using Packet Tracer. Update the physical topology map based on your ports chosen. B. Apply the right IP...
A:
Click to View...
Q:
Imagine that you are an investor on January 1, 2004, and using the historical data up to that date. Assume that the Global index cannot be included in your portfolio. a. Plot the efficient frontier...
A:
a The efficient frontier is the set of portfolios that offers the highest expected return for a give......
Q:
Go to the IRS website (www.irs.gov) and assuming bonus depreciation is same as 2014 and is used, redo Problem 15, using the most recent interactive Form 4562, Depreciation and Amortization. Print out...
A:
Bonus Depreciation on Line 14 37 000......
Q:
Derek purchases a small business from Art on August 1, 2015. He paid the following amounts for the business: Fixed assets ................................. $220,000 Goodwill...
A:
a 95 000 50 000......
Q:
Determine whether each of the following taxpayers must file a return in 2021: a. Felicia is a dependent who has wages of $6,350 and interest income of $225. b. Jason is a dependent who has interest...
A:
a Since Felicia is a dependent her standard deduction is the greater of 1 100 or ea......
Q:
When you bought your business, a complicated custom-made packing machine was included in the sale. You believe that if the packing machine were destroyed it would cost you $125,000 to replace. You...
A:
Insuring for 50 000 If you choose this option and your machinery is destroyed the insurance......
Q:
Capp Corporation is a producer of industrial goods. Data regarding operations follow: Data for Sales and Cash Collections: Sales are budgeted at $175,000 for October, $180,000 for November, $170,000...
A:
a Schedule of Expected Collections October Sales 175 000 Collections 60 in the month of sale 175 000 60 105 000 35 in the month following the sale 180......
Q:
How would your answer change if the partnership agreement contained the following statement? "All gains and losses shall be allocated equally between the partners unless otherwise required under the...
A:
If the partnership agreement contains the statement All gains and losses shall be allocated equally......
Q:
Sally, mother of Tally and Wally, owned 100 acres of undeveloped land when she died on October 1, 2012. Sally had acquired the land in 1978 for $20,000. Sally's Will was admitted to probate, and the...
A:
Tally s basis in the 100 acres of undeveloped land after the transfer can be calculated by consideri......
Q:
Write an essay that describes the use of social media for the prevention of crime and crime control. Reading and Research: Read the Chapter, Visit the International Association of Chief of Police...
A:
Title Leveraging Social Media for Crime Prevention and Control Introduction In today s digital age the rise of social media platforms has transformed the way people interact share information and comm......
Q:
Janna has a tax basis of $15,000 in her Mimikaki stock (Mimikaki has been an S corporation since inception). In 2015, Janna was allocated $20,000 of ordinary income from Mimikaki. What is the amount...
A:
a At the time of the distribution Jannas stock basis is 35 000 15 000 original basis plus 20 000 ord......
Q:
Refer to the data in QS 10-1. Based on financial considerations alone, should Helix accept this order at the special price? Explain.
A:
Additional operating income if Helix accepts the order Per unit Total......
Q:
Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She drives her car 4,000 miles for business and 10,000 for commuting and other personal use. Assuming...
A:
The business auto ex......
Q:
Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the...
A:
Airfare to San Diego 488 Hotel ch......
Q:
Go to the U.S. General Services Administration (GSA) website. For 2016, what is the per diem rate for each of the following towns: a. Flagstaff, AZ for April and November b. Palm Springs, CA for...
A:
Per diem rates are subject to change As of Jul......
QuickBooks Online For Dummies 1st Edition - ISBN: 1119016045 - Free Book