Question: Please I need help with these cases step by step. I need to understand the process. These calculations are based on taxable year 2021 Case
Please I need help with these cases step by step. I need to understand the process.
These calculations are based on taxable year 2021
Case 1: Kevin Ramirez Kevin Ramirez is married. He and his wife file separate contributions. In this tax year, Kevin purchased a farm machine for $2,000,000 and put it into service. His wife owns her own business and purchased and placed in service $30,000 worth of business-qualified equipment.
Case 2: Benjamin Cruz and Yolanda Velez Benjamn Cruz is married to Yolanda Vlez, with whom he has a car wash business. The business brings in annual income of $120,000. During the taxable year, they acquired and put into operation a car wash machinery that has a useful life of five years. They bought the machinery for $25,000.00. In the following case, calculate amortization:
Case 3: A company in its first year whose method of accounting is on a cash basis (cash basis) had expenses of $3,000 for professional services.
Thank you very much for the help you have always given me.
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