In 2019, Whitman Corporation purchases two assets and places them into service (both have 7-year MACRS...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In 2019, Whitman Corporation purchases two assets and places them into service (both have 7-year MACRS recovery period): B (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the first quarter.) (Click the icon to view the assets.) (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the fourth quarter.) Whitman elects $1.02 million under Sec. 179 and elects out of bonus depreciation. (Click the icon to view the MACRS half-year convention rates.) Read the requirements. Requirement a. Compute Whitman's total depreciation deduction for 2019 if it elects the $1.02 million for Asset #1. (Enter amounts in whole dollars. Use MACRS rates to three decimal places, X.XXX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" if no Sec. 179 deduction is taken.) Total for both Asset #1 Asset #2 Assets Requirements Sec. 179 expensing MACRS depreciation Total 2019 depreciation Compute Whitman's total depreciation deduction for 2019 under each of the following assumptions: a. Whitman elects the $1.02 million for Asset #1. b. Whitman elects the $1.02 million for Asset #2. i More Info Print Done • Asset #1: $1,130,000 cost; placed service in February. • Asset #2: $1,340,000 cost; placed in service in November. Print Done In 2019, Whitman Corporation purchases two assets and places them into service (both have 7-year MACRS recovery period): B (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the first quarter.) (Click the icon to view the assets.) (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the fourth quarter.) Whitman elects $1.02 million under Sec. 179 and elects out of bonus depreciation. (Click the icon to view the MACRS half-year convention rates.) Read the requirements. Requirement a. Compute Whitman's total depreciation deduction for 2019 if it elects the $1.02 million for Asset #1. (Enter amounts in whole dollars. Use MACRS rates to three decimal places, X.XXX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" if no Sec. 179 deduction is taken.) Total for both Asset #1 Asset #2 Assets Requirements Sec. 179 expensing MACRS depreciation Total 2019 depreciation Compute Whitman's total depreciation deduction for 2019 under each of the following assumptions: a. Whitman elects the $1.02 million for Asset #1. b. Whitman elects the $1.02 million for Asset #2. i More Info Print Done • Asset #1: $1,130,000 cost; placed service in February. • Asset #2: $1,340,000 cost; placed in service in November. Print Done
Expert Answer:
Answer rating: 100% (QA)
a Asset 1 Asset 2 Total Sec 179 102000000 102000000 MACRS 2750000 4783800 7533800 Total 104750000 47... View the full answer
Related Book For
Federal Taxation 2017 Comprehensive
ISBN: 9780134421438
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
Students also viewed these accounting questions
-
In 2016, Wabash Corporation purchases two assets and places them into service (both are used property and have a 7-year MACRS recovery period): Asset #1: $1,300,000 cost; placed in service in...
-
In 2019, Andes Corporation purchases $1.5 million of machinery (7-year property) and places it into service in its business. (Cick the icon to view the MACRS half-year convention rates.) Read the...
-
Mr. Banks is a CEO of an airline parts company. In negotiating with a major customer, he asks many questions and carefully summarized the other parties' ideas. This is an example of which effective...
-
John Chang is president of Clean Machines, a new car washing service that makes house calls.John has decided that his goal for the coming year is to earn a profit of $40,000.Clean Machines reported...
-
Mahjong, Inc., has identified the following two mutually exclusive projects: Year ______Cash Flow (A) ________Cash Flow (B) 0 ................. -$43,000 ................... -$43,000 1...
-
You are appointed to participate on a time efficiency team. The team includes factory workers, Supervisor and a representative from the accounting department. Currently the factory workers record...
-
A manager at a check into cash business defends his business practice as simply charging what the market will bear. After all, says the manager, we dont force people to come in the door. How would...
-
E D Attempts Keep the Highest / 2 4. The Cost of Capital: Weighted Average Cost of Capital A- 0 D The firm's target capital structure is the mix of debt, preferred stock, and common equity the firm...
-
Jackson's Vacuum company makes two types of vacuums: Basic and Advanced. The factory is set up into 3 working departments. Both vacuums utilize process #1 to assemble the basic components. Those...
-
The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 2021 2022 Milk Year 2020 2021 2022 Price (Dollars) 1 2 2 Quantity (Quarts) 100 100 200 Honey...
-
Woodfall Company has the following information for June: Cost of direct materials used in production Direct labor $260,000 340,000 Factory overhead 182,300 Work in process inventory, June 1 70,200...
-
In the figure, let C = C = 16.80 F and C3 = 8.40 F, how much charge is stored on each of the three capacitors when V = 5 V C HH C2 C3 4a HH What is the charge stored in capacitor C? Please multiply...
-
Oriole s Computer Repair Shop started the year with total assets of $ 3 2 1 0 0 0 and total liabilities of $ 2 0 9 0 0 0 . During the year, the business recorded $ 5 2 0 0 0 0 in computer repair...
-
Assume that an asteroid with a 1.0 km diameter and a mass of 7.9 x 1011 kg is about to collide with the Earth. Its impact velocity is 17 km/s. How much kinetic energy would be released in the impact...
-
Write a java program to perform square of a given number?
-
Michelles trust is subject to 3.8% surtax on the lesser of the trusts net investment income or the excess of the trusts adjusted gross income over the $12,400 threshold (the highest trust tax rate)....
-
In October 2010, Jose acquired 100% of Acorn Corporation common stock by transferring property with an adjusted basis of $1,000,000 and fair market value of $4,000,000. Acorn is a qualified small...
-
Using any tax service, refer to the Holden Fuel Oil Company, RIA T.C. Memo 72,045 (T.C. Memo 1972-45), 31 TCM 184. a. In which year was the case decided? b. What controversy was litigated? c. Who won...
-
Gaylord Gunnison (GG) died January 13, 2016, and his gross estate consisted of three properties-cash, land, and stock in a public company. The amount of cash on the date of his death was $2.9...
-
Ortega Industries has a fully funded pension plan. Each year, pension expense runs in excess of \(\$ 10\) million. At the present time, employees are entitled to receive pension benefits with a...
-
What are the basic rights of the owner of a share of corporate stock? In what way are these basic rights commonly modified with respect to the owner of a share of preferred stock?
-
Explain the following terms: a. Stock transfer agent. b. Stockholders subsidiary ledger. c. Underwriter. d. Stock registrar.
Study smarter with the SolutionInn App