Sally Smith is a self-employed individual taxpayer. During 2022, she acquired the following new assets: Asset...
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Sally Smith is a self-employed individual taxpayer. During 2022, she acquired the following new assets: Asset Office Furniture Truck (more than 6,000 pounds) Computer system Cost $50,000 30,000 (100% business use) 65,000 Date Acquired January 3 January 16 March 1 Date Placed into Service January 3 February 1 March 16 Sally does not elect immediate expensing under Section 179. She does not claim any available additional first-year depreciation. Calculate Sally's cost recovery deductions for 2022, 2023, and 2028. Assume in Question 1 that Sally sold the computer system in 2024. What amount of depreciation could she claim that year for the computer system? Sally Smith is a self-employed individual taxpayer. During 2022, she acquired the following new assets: Asset Office Furniture Truck (more than 6,000 pounds) Computer system Cost $50,000 30,000 (100% business use) 65,000 Date Acquired January 3 January 16 March 1 Date Placed into Service January 3 February 1 March 16 Sally does not elect immediate expensing under Section 179. She does not claim any available additional first-year depreciation. Calculate Sally's cost recovery deductions for 2022, 2023, and 2028. Assume in Question 1 that Sally sold the computer system in 2024. What amount of depreciation could she claim that year for the computer system?
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To calculate Sallys cost recovery deductions for 2022 2023 and 2028 we need to determine the depreci... View the full answer
Related Book For
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young
Posted Date:
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