On April 23, 2019, Bailey purchased an automobile for $25,000. The car is used 80% for business and 20% for personal use. What is the cost recovery deduction for 2019 and 2020 assuming the 100% bonus was taken? (Round answers to the nearest dollar)

Q: On December 30, 2020, Whitney sold a piece of property for $85,000. Her basis in the property was…

A: Instalment sales method is used to recognize revenue when income and expenses are not acknowledged…

Q: On April 5, 2019, Kinsey places in service a new automobile that cost $60,000.He does not elect §…

A: The depreciation allowed is lesser of MACRS depreciation and the recovery limitation.

Q: during 2017, Mr. William Lerue withdraws $15,000 from his RRSP, using the provisions of the Home…

A: RRSP: RRSP stands for registered retirement saving plan under which the tax payer or spouse…

Q: On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and…

A: As per our protocol we provide solution to the one question only or the first three sub-parts only…

Q: Jane had AGI of $70,000 in 2020. During the year, her personal winter cabin was damaged by a fire.…

A: Since you have posted two questions we will do the first one for you. To get the other question done…

Q: If Fred also had savings that were not in an ISA, how would interest on this be taxed?  What rate of…

A: ISA is an acronym and stands for individual savings account, it is a that type of savings account on…

Q: Michael is the sole proprietor of a small business. In June 2020, his business income is $8,300…

A: Cost recovery refers to a method of accounting under which only those transactions are recorded of a…

Q: On February 2, 2019, Alexandra purchases a personal computer. The computer cost $1,800. Alexandra…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear. There are…

Q: Calculate for Fred the correct amount of employment remuneration that he should include on his tax…

A: Employment remuneration is the amount of money which has been received by the employee for the work…

Q: McKenzie purchased qualifying equipment for his business that cost $212,000 in 2021. The taxable…

A: Deduction- A deduction is an outflow that can be deducted from a taxpayer's gross income in order to…

Q: jordan purchased a $20,000 piece of office furniture during 2019. The balance in his UCC pool for…

A: Un-amortized Capital Cost:The entire amount of depreciation that has been recorded against a fixed…

Q: In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and…

A: Introduction Section 179 allows tax payers to expense the acquisition cost of certain properties,…

Q: In 2020, David, age 66, had adjusted gross income of $32,000. During the year he paid the following…

A:

Q: In May 2020 Jack purchased a car for $30,000 and drove it 11,000 miles during the year, all for…

A: The automatic mileage method is one of the way to claim mileage tax deduction. As per this method,…

Q: Allan’s employer purchased a car in March 2019 at a cost of $88,000 GST inclusive and provided the…

A: Answer:- FBT definition:- FBT is stand for Fringe benefit tax. It was a kind of tax where a company…

Q: maximum depreciation deduction for 2020

A:

Q: George purchases a computer on 02/01/2020 for $2,200 and uses the computer 75% of the time for his…

A: Depreciation is an annual deduction that allows a business to recover the cost or other basis of…

Q: On February 2, 2020, Katie purchased and placed in service a new $18,500 car. The car was used 65%…

A: The answer is as fallows

Q: Ross is a surgeon at a local hospital in Denver. In 2020, Ross earns a salary of $300,000. In…

A: Adjusted Gross Income (AGI)=Salary+Investment income+Active Income from Activity A+Passive Income…

Q: In 2020, Ben purchases and places in service a new auto (not a luxury auto) for his business. The…

A: The depreciation limit under Sec. 280F(d)(7) is $10,100 for the first tax year; $16,100 for the…

Q: Gina, a real estate dealer sold a house and lot for P600,000 on November 20, 2018. The cost of the…

A: Income Tax: Any individual earn income by using the country's resources then he or she will be…

Q: Andy purchased a Toyota car and use it 100% for business purpose on 1st October 2020 at the cost of…

A: The Australian tax year runs from 1 July to 30 June 1. Calculation of deduction using Prime…

Q: On July 1, 2017, Brent purchases a new automobile for $37,000. He uses the car 92% for business and…

A: a). Calculation of basis adjustment for depreciation of each year.  Year Miles   Rate per miles…

Q: Mr. Chan decided to rent out one of his properties, and spent $200,000 to renovate the property in…

A: A property owner can claim a tax deduction on some or all of the property taxes paid if they use the…

Q: During 2020, Ms. Sunshine has net employment income of $95,000 after claiming her RPP deduction of…

A: A registered pension plan (RPP) is a pension plan that your firm has formed and registered with the…

Q: In March of 2019, Thom as makes a $5,000 cash contribution to a public university. In that month,he…

A: A charitable contribution maybe a donation or gift to, or for the utilization of, a professional or…

Q: Mr. Richard Allen, the director of the hotel, has also requested that your firm assist with the…

A:

Q: Sid bought a new $1,320,000 seven-year class asset on August 2, 2020 On December 2, 2020, he…

A: Cost recovery is known as the concept which provides deduction or decreases limit in the desired…

Q: Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of…

A: Income tax is levied on the income earned by an individual or business and is the chief source of…

Q: On July 17, 2019, Ari purchases office furniture (7-year property) costing $50,000 for use in her…

A: Given information:   Cost of the office furniture $50,000 Section 179 depreciation Deduction…

Q: Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated, During 2020, he was…

A: Given : Fair market value = 35,000 Drove total = 22,000 miles Used car = 26,000 miles Per mile = 5.5…

Q: John Rawls owns and operates Philosophical Consulting, Inc. During 2019 and 2020 he made the…

A: Office furniture has a recovery period of 7 years. Computer system has a recovery period of 5 years.…

Q: On July 15, 2019, Leo purchased and placed in service a new car that cost $52,200. The business use…

A: Depreciation is the method in which the cost of the asset is allocated over its estimated useful…

Q: In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and…

A: Depreciation is the amount that is charged on the fixed assets and by which the asset value…

Q: A taxpayer pays $2,400 in points when taking out a 15-year loan to buy a vacation home. If the…

A: The word point is used to describe such costs charged in order to secure a home mortgage. The point…

Q: How much amortization may Ted deduct on his 2019 tax return for the purchased goodwill?

A:

Q: Nancy purchased a projector screen on July 15, 2019, for $1,200. The screen was used 70% of the time…

A: Nancy purchased a projector which costs $1200 on July 15, 2019, which is partly used for business…

Q: On April 30, 2019, Leo purchased and placed in service a new car that cost $76,200. The business use…

A: Given information is: Cost of new car = $76200

Q: Oscar bought an $800,000 apartment building (his business) on July 28, 2020. On August 15, 2020, he…

A: The estimated useful life of an asset specified by IRS under MACRS system is 27.5 years for building…

Q: During 2020, Jeff has the following startup costs for his new lawn-care business:…

A: solution concept The start up cost are allowed for deduction in the following manner Upto  $5000 in…

Q: ANA operates a pet shop and at the same time offers interior design services to her clients. The…

A: ANA operated a pet shop and offers interior design services to her clients. Data for 2020 taxable…

Q: For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable…

A: § 179 expense deduction allows deduction for the purchase of qualifying assets. The limit was…

Q: What is the minimum taxable benefit that Larry must include on his 2019 personal tax return

A: Minimum taxable benefit is the value of the benefits which the employee has received from the…

Q: On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000…

A: Your federal tax liability is the amount of money you owe the United States government in a…

Q: Christine and Sean run an accounting computer software business in Snellville. Toward the end of…

A: Section 179 of the U.S (United States of America) Internal Revenue Code, deals with deduction of the…

Q: Mr. Richard Allen, the director of the hotel, has also requested that your firm assist with the…

A: SOLUTION-1 GROSS SALARY PER YEAR                                              7,000,000.00…

Q: Marcus Gravey, an Executive Manager at Bank oF America receives a salary of $6,500,000.00 per annum…

A: Statutory income Salary.                                             $6500000 less: 10% contribution…

Q: Assuming the employer elects to use the operating cost basis, explain and calculate the taxable…

A: Irrespective of the matter who owns the car if the car provided by the employer to the employee  and…

Q: On February 2, 2020, Alexandra purchases a personal computer. The computer cost $4,520. Alexandra…

A: Depreciation in taxation: Depreciation is a concept that is used to write off the cost of an item…