Amie, a college student, purchased a truck in 2016 for $6,000. He used the truck 70% of
Question:
Amie, a college student, purchased a truck in 2016 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a five-year recovery period, and he claimed depreciation deductions of $840 in 2016 and $1,344 in 2017. Arnie sells the truck on June 20, 2018, for $3,000.
a. What is the amount of allowable depreciation in 2018?
b. Determine Arnie's realized and recognized gain or loss and its character.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
a Depreciation of 403 4200 x 01920 x 05 is allowed in 2018 The 50 results from the halfyear ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Federal Taxation 2019 Individuals
ISBN: 9780134739670
32nd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson
Question Posted:
Students also viewed these Business questions
-
Arnie, a college student, purchased a truck in 2013 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a...
-
Arnie, a college student, purchased a truck in 2014 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a...
-
Arnie, a college student, purchased a truck in 2012 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a...
-
Suppose that a nonnegative function y = (x) has a continuous first derivative on [a, b]. Let C be the boundary of the region in the xy-plane that is bounded below by the x-axis, above by the graph of...
-
For n Z+ where n 4, let V' = {v1 v2, v3, . . . , vn-1} be the vertex set for the complete graph Kn-1Construct the loop-free undirected graph Hn = (V, E) from Kn-1 as follows: V = V' {u}, and E...
-
Find all second-order partial derivatives for the following. k(x, y) = -7x 2x + 3y
-
Lynn Goldsmith is a photographer known for her photographs of famous musicians. In 1981, Goldsmith had a photography session with the singer Prince. Three years later, Vanity Fair obtained a license...
-
You have been serving as Electroscans project manager and are now well along in the project. Develop a narrative status report for the board of directors of the chain store that discusses the status...
-
What are the key components of a relational database management system? Why are relational database management systems different from database models that preceded the relational model?
-
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and...
-
Consider the follo,ving summary of Sec. 1231 gains and losses recognized by Janet during the period 2013- 2018. Janet had no nonrecaptured Sec. 1231 losses at the beginning of 2013. If Janet has no...
-
Brigham is single and is in the 32 %, marginal income tax bracket. He has the sales or exchanges below. At the beginning of the year, he has nonrecaptured net Sec. 1231 losses of $10,000. Determine...
-
The motion of a jet plane just after landing on a runway is described by the at graph. Determine the time t when the jet plane stops. Construct the vt and st graphs for the motion. Here s = 0, and v...
-
On August 3 1 , 2 0 2 4 , Pharoah University sold $ 4 4 3 0 0 0 in season tickets for the school's 5 - game home football season. As each game is played, how much revenue will Pharoah recognize?
-
Discuss the implications of using the "continue" statement in conjunction with loop labels or nested loop constructs, including considerations related to code readability, maintainability, and the...
-
When a 2 . 90 - kg object is hung vertically on a certain light spring described by Hooke's law, the spring stretches 2 . 92 cm . How much work must an external agent do to stretch the same spring 9...
-
Janet owned a $ 1 m paid up life insurance policy on her husband, Steve. A few weeks after receiving the news that Steve had a terminal illness, Janet died in an accident. Discuss the estate tax...
-
A child and sled with a combined mass of 5 9. 0 kg slide down a frictionless slope. If the sled starts from rest and has a speed of 2 . 50 m / s at the bottom, what is the height of the hill?
-
How important are an entrepreneur's resources and capabilities in determining his or her success? Why?
-
Write the general quadratic equation y2 - 8y - 4x + 28 = 0 in standard form. Determine the vertex, focus, and directrix of the parabola defined by this equation. Sketch a graph.
-
For several years, you have prepared the tax return for Alpha Corporation, a closely held corporation engaged in manufacturing garden tools. On February 20 of the current year, Bill Johnson, the...
-
Mark Hancock is a self-employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2014, the IRS disallowed several business deductions he took in 2012 and 2013. In...
-
Last year, Mr. Smith was involved in an automobile accident, severely injuring his legs. As part of a long-term rehabilitation process, his physician prescribes a daily routine of swimming. Because...
-
In the absence of air resistance, a projectile that lands at the elevation from which it was launched achieves maximum range when launched at a 45 angle. Suppose a projectile of mass m is launched...
-
What would be the total cost of leasing a vehicle for four years that requires a security deposit of $1,000 (which would be withdrawn from your portfolio, which earns 9% per year), has monthly lease...
-
A nurse manager is preparing for a performance appraisal review for an employee who has been identified as substandard. describe the process of conducting a performance appraisal review and when...
Study smarter with the SolutionInn App