alculate Prop erty Income and apital Gains
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- Lori, who is single, purchased 5-year class property for 200,000 and 7-year class property for 420,000 on May 20, 2019. Lori expects the taxable income derived from her business (without regard to the amount expensed under 179) to be about 550,000. Lori has determined that she should elect immediate 179 expensing in the amount of 520,000, but she doesnt know which asset she should completely expense under 179. She does not claim any available additional first-year depreciation. a. Determine Loris total cost recovery deduction if the 179 expense is first taken with respect to the 5-year class asset. b. Determine Loris total cost recovery deduction if the 179 expense is first taken with respect to the 7-year class asset. c. What is your advice to Lori? d. Assume that Lori is in the 24% marginal tax state and Federal income bracket and that she elects 179 for the 7-year asset. Determine the present value of the tax savings from the cost recovery deductions for both assets. See Appendix H for present value factors, and assume a 6% discount rate. e. Assume the same facts as in part (d), except that Lori decides not to use 179 on either asset. Determine the present value of the tax savings under this choice. In addition, determine which option Lori should choose. f. Present your solution to parts (d) and (e) of the problem in a spreadsheet using appropriate Microsoft Excel formulas. E-mail your spreadsheet to your instructor with a two-paragraph summary of your findings.Alice purchases a rental house on August 22,2019, for a cost of $174,000. Of this amount, $100,000 is considered to be allocable to the cost of the home, with the remaining $74,000 allocable to the cost of the land. What is Alice's maximum depreciation deduction for 2019 using MACRS? $2,373 $1,970 $1,364 $1,061 $1,009Determine the taxpayers adjusted basis in each of the following situations. If any changes are made in the original basis of the asset, explain why they are necessary. a. Simone purchases 300 shares of Wilguess, Inc., stock in 2017 for 6,300. In 2017 and 2018, Wilguess pays cash dividends of 2 per share. In 2019, Wilguess pays a 40 percent stock dividend (nontaxable), and Simone receives an additional 120 shares of stock. b. Symbol Corporation purchases a building in 2016 at a cost of 240,000. Annual maintenance costs on the building are 80,000. In 2018, Symbol adds a wing to the building at a cost of 60,000. In 2019, the building is painted at a cost of 25,000. Symbol deducts 4,800 in depreciation in 2016, 7,300 in 2017, and 8,100 in 2018 and 2019. c. Lorissa purchases land as an investment in 2017 for 33,000. Property taxes on the property are 400 per year. In 2018, Lorissa is assessed 2,000 by the county assessor for her share of a sidewalk that the county builds adjacent to the land. Lorissa pays the assessment in 2019. d. The Barton Brothers Partnership purchases a computer in 2017 for 8,000. The partnership elects to deduct the entire cost of the computer in 2017. In 2019, Barton Brothers spends 300 to repair the computer.