Question: A taxpayer places a $550,000 5-year recovery period asset in service in 2016. This is the only asset placed in service in 2016. Assuming half-year

A taxpayer places a $550,000 5-year recovery period asset in service in 2016. This is the only asset placed in service in 2016. Assuming half-year convention, an election to expense under Section 179, and no income limitation, what is the amount of total cost recovery deduction (no bonus depreciation)? Show calculations

a. $10,000

b. $50,000

c. $500,000

d. $510,000

e. $550,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

d 510000 Sec179 deduction 500000 ... View full answer

blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

? Mary has come to you for help preparing personal financial statements. She presents you with the following facts. Her assets and liabilities include: $3,000 in a Checking account and $5,000 in a...

Q:

A taxpayer places a $50,000 5-year recovery period asset in service in 2015. This is the only asset placed in service in 2015. Assuming half-year convention, immediate expensing, and taxable income...

Q:

Using the information from BE19-2, assume this is the only difference between Oxfords pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred...

Q:

A charge q is placed a distance from the origin, and a charge 2q is placed a distance 2r. There is a charge Q at the origin. If a charges are positive, which charge is at the higher potential? A q B)...

Q:

Lind Industries is one of the largest manufacturers of small motors in the United States. The cash flows provided by investing activities section of the company's statement of cash flows for the...

Q:

At the end of the fiscal year, before the accounts are adjusted, Accounts Receivable has a balance of $200,000 and Allowance for Doubtful Accounts has a credit balance of $2,500. If the estimate of...

Q:

What courses does he/she teach?

Q:

On January 15, 2010, National Star Inc. purchased 80,000 shares of Krypton Labs Inc. directly from one of the founders for a price of $55 per share. Krypton has 250,000 shares outstanding, including...

Q:

Q3 QUESTION 3 2 points Peter is construction a square-shaped wall Using the estimation skills, he gained during his Advanced Diploma in Project Management studies at CPUT he projected that each side...

Q:

This case is based on the statement of cash flows for Allison Corporation, illustrated in Exhibit 131. Use this statement to evaluate the companys ability to continue paying the current level of...

Q:

The one-year risk-free rate in the U.S. is 3.060 percent and the one-year risk-free rate in Mexico is 4.88 percent. The one-year forward rate between the Mexican peso and the U.S. dollar is...

Q:

1. What (at least 5-6) indicators of the Kerala, India, coir fiber industry should be evaluated and monitored? 2. How should the data/indicators be analyzed? 3.How should the data/indicators be...

Q:

If winemaking and branding is the industry, what is the major supply input? Who has more bargaining power with respect to this supplier type, old or new world winemakers?o Which has relatively better...

Q:

a) Most Singapore government construction tenders are awarded on the lowest cost win basis. Explain how that is a lose-lose situation for both the contractors and government b) Explain why...

Q:

how to automate a retraction system of any kind and is there a need for cables or magnetic relay for each systems? please indicate your references.

Q:

As the distribution center manager would you staff your facility at the minimum, average or maximum amount of equivalent staff which is derived by dividing the total throughput by the productivity...

Q:

A five-year floating-rate note has coupons referenced to six-month dollar LIBOR, and pays coupon interest quarterly. Assume that the current LIBOR is 9 percent. If the risk premium above LIBOR that...

Q:

The sales department of P. Gillen Manufacturing Company has forecast sales in March to be 20,000 units. Additional information follows: Finished goods inventory, March 1 . . . . . . . . . . . . . . ....

Q:

1. Write the appropriate algorithms to perform the following: a. Find the maximum, minimum, and average values in a linked list. b. Concatenate two linked lists. c. Combine two ordered linked lists...

Q:

Following are selected balance sheet accounts of Sander Bros. Corp. at December 31, 2010 and 2009, and the increases or decreases in each account from 2009 to 2010. Also presented is selected income...

Q:

Conlin Corporation had the following tax information. In 2011 Conlin suffered a net operating loss of $480,000, which it elected to carry back. The 2011 enacted tax rate is 29%. Prepare Conlin's...

Q:

Takemoto Corporation borrowed $60,000 on November 1, 2010, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemotos November 1, 2010, entry; the December 31, 2010, annual...

Q:

A portfolio earned annual rates of 20%, 15%, -10%, 25%, and -5% in five successive years. What was the portfolios five-year equivalent annually compounded rate of return?

Q:

At the end of 2009, the Trans IMS Canadian Growth Fund had one of the worst 10-year compound annual returns of any Canadian diversified equity mutual fund. The funds annual returns in successive...

Q:

An $1100 investment earning 6.3% compounded annually grew to $4483.92. What was the term of the investment?

Related Book

Intermediate Accounting 13th Edition by Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield