8. James earned $55,000 of net earnings from a tax preparation business that he runs during taxseason. He also earned a salary of $50,000 from his full-time job. How much self-employmenttax must he pay for 2019?9. Richard purchased an apartment building on May 1, 2019, for $400,000, $100,000 of whichwas for the land. What is the cost recovery deduction for 2019?10. Emma purchased an office building on March 30, 2016, for $800,000. $200,000 of whichwas for the land. On August 1, 2019, she sold the office building.What is the cost recovery deduction for 2019?

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8. James earned $55,000 of net earnings from a tax preparation business that he runs during tax season. He also earned a salary of $50,000 from his full-time job. How much selff-employment tax must he pay for 2019? 9. Richard purchased an apartment building on May 1, 2019, for S400,000, $100,000 of which was for the land. What is the cost recovery deduction for 20197 10. Emma purchased an office building on March 30, 2016, for $800,000. $200,000 of which was for the land. On August 1, 2019, she sold the office building. What is the cost recovery deduction for 2019?

8. James earned $55,000 of net earnings from a tax preparation business that he runs during tax season. He also earned a salary of $50,000 from his full-time job. How much selff-employment tax must he pay for 2019? 9. Richard purchased an apartment building on May 1, 2019, for S400,000, $100,000 of which was for the land. What is the cost recovery deduction for 20197 10. Emma purchased an office building on March 30, 2016, for $800,000. $200,000 of which was for the land. On August 1, 2019, she sold the office building. What is the cost recovery deduction for 2019?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 56P

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