Calendar year Corp. A purchases and places in service only two items of tangible personal property...

 

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Calendar year Corp. A purchases and places in service only two items of tangible personal property during 2020 - - a machine (7 yr.) costing $10,000, purchased and placed in service on May 11, and a machine (7 yr.) costing $40,000, purchased and placed in service on November 28. Assume that Corp. A opts not to take any Code Section 179 deduction. What total 2020 depreciation deduction amount (for both machines) will Corp. A claim for the year? А. 9. $ 7,150 В. 7,140 C. 3,210 D. 3,780 E. None of the above Calendar year taxpayer Dan Davis operates a small landscaping business, using the cash method for federal income tax purposes. On December 11, 2020, Dan paid $1,500 in advance to the Ajax Insurance Company for fire and casualty insurance coverage from January 1, 2021 - December 31, 2023. Regarding the deduction for the $1,500 premium cost, on his 2020 Form 1040, Schedule C, Dan should... Deduct insurance expense of $1,500 10. A В Deduct no insurance expense Deduct insurance expense of $500 Deduct insurance expense of $750 D E None of the above Calendar year Corp. A purchases and places in service only two items of tangible personal property during 2020 - - a machine (7 yr.) costing $10,000, purchased and placed in service on May 11, and a machine (7 yr.) costing $40,000, purchased and placed in service on November 28. Assume that Corp. A opts not to take any Code Section 179 deduction. What total 2020 depreciation deduction amount (for both machines) will Corp. A claim for the year? А. 9. $ 7,150 В. 7,140 C. 3,210 D. 3,780 E. None of the above Calendar year taxpayer Dan Davis operates a small landscaping business, using the cash method for federal income tax purposes. On December 11, 2020, Dan paid $1,500 in advance to the Ajax Insurance Company for fire and casualty insurance coverage from January 1, 2021 - December 31, 2023. Regarding the deduction for the $1,500 premium cost, on his 2020 Form 1040, Schedule C, Dan should... Deduct insurance expense of $1,500 10. A В Deduct no insurance expense Deduct insurance expense of $500 Deduct insurance expense of $750 D E None of the above

Answer rating: 100% (QA)

9 Option B 7140 100007400007 14285714 7142 ... View the full answer