Question: I really just need help with the fixed asset deprciation question but wanted to provide all the information that was given. Comprehensive Problem 8 -
I really just need help with the fixed asset deprciation question but wanted to provide all the information that was given.
Comprehensive Problem Trish Himple owns Himple Retail, a retail family clothing store. Her store is located at Heather Drive, Henderson, NV Her employer identification number is and her Social Security number is Trish keeps her books on the cash basis. The income and expenses for the year are: Trish's bookkeeper has provided the bookbasis fixed asset rollforward see separate tab The truck is not considered a passenger automobile for purposes of the luxury automobile limitations Trish also earned wages as an express delivery manager in see separate tab for her Form W
Trish also has a qualified home office of sq ft Her home is sq ft Her purchase price and basis in the home, not including land, is
$the home's market value is $ She incurred the following costs in related to the entire home:
Required:
For tax purposes, Trish elected out of bonus depreciation in all years except She did not elect immediate expensing in any year. The tax lives
of the assets are the same as the book lives shown in the fixed asset schedule above. Complete Trish's Schedule C Form Form and
Schedule SE Do not prepare Form or Schedule for this problem.
Make realistic assumptions about any missing data.
Enter all amounts as positive numbers.
If an amount box does not require an entry or the answer is zero, enter
First complete Schedule of Fixed Asset Rollforward rounding all amounts to the nearest cent.
On all other subsequent FormsSchedules round all amounts to the nearest dollar.
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