Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson,

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Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are:

On June 1 of this year, Sherry purchased the following new assets for the store:

The truck is not considered a passenger automobile for purposes of the luxury automobile limitations.

Required: The business has MACRS depreciation of $3,651 on assets placed in service prior to 2016. Sherry uses bonus depreciation but does not make the election to expense, complete her 2016 Schedule C and Form 4562 on Pages 7-39 to 7-42. Make realistic assumptions about any missing data.

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

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

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