On June 5, 2016, Javier Sanchez purchased and placed in service a 7-year class asset costing $550,000
Question:
On June 5, 2016, Javier Sanchez purchased and placed in service a 7-year class asset costing $550,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). During 2016, his business generated a net income of $945,780 before any § 179 immediate expense election.
a. Determine the maximum deductions that Dan can claim with respect to this asset in 2016 and 2017.
b. Complete Javier's Form 4562 (page 1) for 2016. His Social Security number is 123-45-6789?
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a 2016 Section 179 expense 500000 Additional firstyear depreciation 550000 500000 50 25000 MACRS cost recovery 550000 500000 25000 1429 3573 Total deduction 528573 2017 MACRS cost recovery 550000 5000...View the full answer
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Related Book For 
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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