At the beginning of the year, Anna began a calendar year business and placed in service the following assets during the year Asset Date Acquired Cost Basis Computers 1 30 $28,000 Office desks 2 15 $32,000 Machinery 7 25 $75,000 Office building 8 13 $400,000 Assuming Anna does not elect 179 expensin...

a 24743 using the halfyear convention for personal property as calc ...

At the beginning of the year, Anna began a calendar-year business and placed in service the following

Question:

At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year:

Asset	Date Acquired	Cost Basis
Computers	1/30	$28,000
Office desks	2/15	$32,000
Machinery	7/25	$75,000
Office building	8/13	$400,000

Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions:

a. What is Anna’s year 1 cost recovery for each asset?

b. What is Anna’s year 2 cost recovery for each asset?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Taxation Of Individuals And Business Entities 2021

ISBN: 9781260247138

12th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

See More Books

Question Posted: Dec 28, 2020 03:11 AM

See More Questions

A building acquired at the beginning of the year at a cost of $650,000 has an estimated residual value of $125,000 and an estimated useful life of 40 years. Determine (a) The double-declining-balance...
A building acquired at the beginning of the year at a cost of $316,000 has an estimated residual value of $48,000 and an estimated useful life of 40 years. Determine (a) The depreciable cost, (b) The...
At the beginning of the year (January 1), Buffalo Drilling has $ 11,000 of common stock outstanding and retained earnings of $ 8,200. During the year, Buffalo reports net income of $ 8,500 and pays...
1.Alice is your long-term friend from high school. Alice was typically quieter in the group, but she was well liked amongst your peers. In high school she began to come out of her shell a little...
Suppose that your firm uses a periodic-review system, but otherwise the data are the same as in Problem 14. a. Calculate the P that gives approximately the same number of orders per year as the EOQ....
A company like Golf USA that sells golf-related merchandise typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next...
Assume the same data as given in problem 9, except the company expects the following production: Case A: 300 bbl per month Case B: 500 bbl per month REQUIRED: a. Determine the number of months needed...
Current and projected free cash flows for Radell Global Operations are shown below. Growth is expected to be constant after 2006. The weighted average cost of capital is 11 percent. What is the...
1) For the system in the diagram m2=2.0 kg m3=3.0 kg 0=30 k=0.10 s=0.12. Find m1 and its tension for the following m3 m2 72 a) m1 accelerates upward with a=1.2 m/s^2 m1 m1= T= b) m1 moves upward with...
The government of the Republic of Andea is currently pegging the Andean peso to the dollar at E = 1 peso per dollar. Assume the following: In year 1 the money supply M is 2,250 pesos reserves R are...
Jack operates a large home repair business as a sole proprietorship. Besides providing services, Jack also sells home repair supplies to homeowners. However, these sales constitute a relatively small...
Way Corporation disposed of the following tangible personal property assets in the current year. Assume that the delivery truck is not a luxury auto. Calculate Way Corporations 2020 depreciation...
Does a trade surplus mean an overall inflow of financial capital to an economy, or an overall outflow of financial capital? What about a trade deficit?
Zeppelin Inc. is evaluating the purchase of a machine that costs $260,000. The annual cash revenues from the machine would be $50,000, and the annual cash expenses of the machine would be $10,000....
What is a fundamental difference between the DAC and MAC formal models? a . . Who owns subjects b . . The use of classifications and permissions to enforce access control. c . . Who owns objects. d ....
Timeless Toboggans sells children's sleds for $72 each. The firm has variable costs per unit of $32 and total fixed costs of $120,000. What is Timeless' break-even point in sales dollars? Show your...
Discuss the ethical and legal requirements your team has in terms of what they can and can't post on social media adhering to Consumer Law, Privacy Act, Anti-Discrimination laws.
Perseus, a manufacturer of luxury clothes wholly owned by its owner-manager, is considering introducing a new range of coats made from baby sea lions. The project requires an initial investment of...
A woman on a dock is pulling in a rope fastened to the bow of a small boast. If the women's hands are 10 feet higher than the point where the rope is attached to the boat and if she is retrieving the...
Chao, Louis, and Mari, unrelated individuals, own all of the shares of Cerise Corporation. All three shareholders have been active in the management of Cerise since its inception. In the current...
For each of the following situations, indicate how much the taxpayer is required to include in gross income and explain your answer: a. Steve was awarded a $5,000 scholarship to attend...
For each of the following situations, indicate how much the taxpayer is required to include in gross income and explain your answer: a. Steve was awarded a $5,000 scholarship to attend...
For each of the following situations, indicate how much the taxpayer is required to include in gross income and explain your answer: a. Steve was awarded a $5,000 scholarship to attend...
f(x)= 5. A rational function has the form ax + bx+ck and a are non-zero real numbers, b and c are real numbers. (a) Give an example of a function of the above form which will have no vertical...
Give three main reasons of the Microsoft features. Describe the way Microsoft windows could be presented in health care delivery. Give one Microsoft windows feature to protect security data.
In practice, ellipses are often approximated by circular arcs. Here is an approximate ellipse formed by four circular arcs, two of radius 76.25 m and two of radius 17.50 m. It is symmetrical about...

At the beginning of the year, Anna began a calendar-year business and placed in service the following

Question:

Step by Step Answer:

a 24743 using the halfyear convention for personal property as calc...View the full answer

Taxation Of Individuals And Business Entities 2021

Students also viewed these Business questions