Diana acquires, for $65,000, and places in service a 5-year class asset on December 19, 2018. It
Question:
Diana acquires, for $65,000, and places in service a 5-year class asset on December 19, 2018. It is the only asset that Diana acquires during 2018. Diana does not elect immediate expensing under § 179- She elects additional first year deprecation. Calculate Diana’s total cost recovery deduction for 2018.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
Additional firstyear depreciation is taken in the year in which the qualifying property is placed in ...View the full answer
Answered By
Deborah Joseph
My experience has a tutor has helped me with learning and relearning. You learn everyday actually and there are changes that are made to the curriculum every time so being a tutor has helped in keeping me updated about the present curriculum and all.
I have also been able to help over 100 students achieve better grades particularly in the categories of Math and Biology both in their internal examinations and external examinations.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
Question Posted:
Students also viewed these Business questions
-
On April 5, 2016, Kinsey places in service a new automobile that cost $36,000. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is...
-
The cost of inventory is the only cost that managers need to consider when making product-related decisions. Discuss.
-
In 2018, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and will be used 100% for business. Assuming the halfyear convention applies and Ben does not elect...
-
In Exercises 3538, evaluate C F dr. F(x, y, z) = xi + yj + zk C: r(t) = 2 cos ti + 2 sin tj + tk, 0t 2
-
De'Jzaun and Sandra toss a loaded coin, where Pr(H) = p > 0. The first to obtain a head is the winner. Sandra goes first but, if she tosses a tail, then De'Jzaun gets two chances. If he tosses two...
-
Patricia deposits $5000 in an IRA at 6% interest compounded continuously for her retirement in 10 years. She intends to make continuous deposits at the rate of $3000 a year until she retires. How...
-
99 percent per month. In 2014, Boling resolved his suit against the gas can manufacturer. Shortly thereafter, Prospect sent Boling a Schedule of Purchases, asserting that Boling owed Prospect...
-
Ethics and pricing. Instyle Interior Designs has been requested to prepare a bid to decorate four model homes for a new development. Winning the bid would be a big boost for sales representative Jim...
-
A parallel-plate air-filled capacitor has a capacitance of 770 pF. If each of its plates has an area of 0.040 m, what is the separation? 4.6010-4 m If the region between the plates is now filled with...
-
J. Blane commenced business on 1 January 2015 and prepares her financial statements to 31 December every year. For the year ended 31 December 2015, bad debts written off amounted to $1,400. It was...
-
Andre acquired a computer on March 3, 2018, for $2,800. He elects the straight-line method for cost recovery. Andre does not elect immediate expensing under 179. He does not claim any available...
-
McKenzie purchased qualifying equipment for his business that cost $212,000 in 2018. The taxable income of the business for the year is $5,600 before consideration of any 179 deduction. a. Calculate...
-
Explain how the following benefit from the issue of share dividends (bonus shares): a. Existing shareholders b. Future shareholders c. The company.
-
St Chair's College is a private college locates in Windsor in Ontario. Its annual financial year ends on December 3 1 . The following information relates to the polygraphs ( lie detectors ) which the...
-
1.Define what type of performance measures will be used to monitor the risks or when the customer's expectations change for Amazon 2. Explain how the supply chain manager will use the basic lean...
-
Gary creates a trust during his lifetime. The trust provides that all of the income is to be paid to Gary s child, Laura, for her lifetime. Upon the death of Laura, the trust is to terminate, and the...
-
y (cm) A wave travels (at speed v) across the x axis. The top graph represents the displacement (y) vs. position (x) @ t=0. The bottom graph represents the displacement (y) vs. the time @ the point x...
-
In 2 0 2 2 , Grider Corporation had cash receipts of $ 3 5 , 0 0 0 , including additional owner investments of $ 1 0 , 0 0 0 , and cash disbursements of $ 2 0 , 0 0 0 . Grider purchased equipment of...
-
Knight Company acquired a new tract of land for $250,000. Knight also paid $20,000 in taxes and fees, $23,000 to remove an old building, and $75,000 for logging, grading, and filling the land prior...
-
Gordon and Lisa estimate that they will need $1,875,000 in 40 years for their retirement years. If they can earn 8 percent annually on their funds, how much do they need to save annually?
-
On July 1 of the current year, the R&R Partnership was formed to operate a bed-and breakfast inn. The partnership paid $3,000 in legal fees for drafting the partnership agreement and $5,000 for...
-
Phoebe and Parker are equal members of Phoenix Investors LLC. They are real estate investors who formed the entity several years ago with equal cash contributions. Phoenix then purchased a parcel of...
-
Phoebe and Parker are equal members of Phoenix Investors LLC. They are real estate investors who formed the entity several years ago with equal cash contributions. Phoenix then purchased a parcel of...
-
What are the ethical, cultural, and socioeconomic dimensions of biodiversity conservation, including indigenous rights, traditional ecological knowledge, and the equitable distribution of...
-
Describe the common Linux file systems Describe the Linux Logical Volume Manager Explain the Linux boot process List and Describe the Linux file system organization Explain methods to locate Linux...
-
What year was Linux created? What type of User Face is Linux ? What are the features in Linux? What is the historical significance of Linux? What is the current version of Linux?
Study smarter with the SolutionInn App