QUESTION 1 At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year. Asset Date acquired Cost basis Computer equipment Office furniture Truck Land 3/1 5/10 9/12 10/1 Recovery period (yrs) 7 10 9,800 11,800 10,000 128,000 Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount Leave no answer blank. Enter zero if applicable) What is the total depreciation amount for the 1st year?

QUESTION 1 At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year. Asset Date acquired Cost basis Computer equipment Office furniture Truck Land 3/1 5/10 9/12 10/1 Recovery period (yrs) 7 10 9,800 11,800 10,000 128,000 Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount Leave no answer blank. Enter zero if applicable) What is the total depreciation amount for the 1st year?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 7BCRQ

See similar textbooks

Similar questions

Check my work Required information Problem 10-54 (LO 10-2, LO 10-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (gnore S179 expense and bonus depreciation for this problem): (Use MACRS Table Table 2 and Iable 5) Date Placed n original Anset Service Basis Hachinery Computer equipnent Delivery truck Turniture Oetober 25 Februard March 17 April 22 $ 90, 000 30,000 43,000 170,000 $ 333,000 Total "The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $500,000. Problem 10-54 Part a (Algo) a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect 5179 expense and elects out of bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) MACRS depreciation
taxi license, including P10,000 refundable June 30 Legal cost directly attributable to the acquisition a taxi business in a local city during the current year: The taxi drivers own the vehicles which they operate under The economic life of the taxi license is 5 years from the date An SME incurred the following expenditures in establiahing Problem 27-4 (IFRS). Problem 27 1. An entity May 1 General start-up cost of the taxi license 15,000 8. The amo b. The ama 30,000 receiva c. The fa a. NIL. 100,000 2. An SME not imp 10,000 purchase taxes 50,000 a. In b. In local daily newspaper с. d. 3. A in SME's taxi license. 1. What is the initial cost of the intangible asset? a. 120,000 b. 130,000 c. 135,000 d. 145,000 2. What is the amortization of the intangible asset for the current year? a. 24,000 b. 12,000 c. 26,000 d. 13,000 3. What total amount of expenses should be recognized tor the current year? a. 87,000 b. 97,000 c. 62,000 d. 74,000 FINANC ACCOUNT
a. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total (9 $ (9) (9 $ $ Depreciation Deduction 1,840 1,600 2,000 5,440
Required information Skip to question [The following information applies to the questions displayed below.] 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: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset?
PROBLEMS Problem 15-1 (AICPA Adapted) Trisha Company made the following soquinitions durinr the year: * Purchased for P6,400,000, ineluding appraiser fee of P60,000, warehoune building and the land on which it i located. The land had an appraised value of P2,000,000 and original cost of PL,400.000. The building had an apprnined value of Pa,000,000 and original coet of P2,800,000. * Purchased an office building and the Iand on which it is located for P7,600,000 cash and assumed an existing P2.b00,000 mortgage. Por realty tax purposes, the property is assesed at P9.600,000, 60% of which in allocated to the building. Acquired a tract of land in exchange for 25,000 shares of Trisha Company with P100 par value and a market prioe of PI20 per ahare on the date of sequisition. The last property tax bill indicated.ansessed value of P2,400,000 for the land. L. What in the total coet of land? a. 9,160,000 b. 8,500.000 e. 9,000,000 d. 8,660,000 2 What is the total cost of building? a. 8,760,000 b…
Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year:(Use MACRS Table 1, Table 2 and Exhibit 10-10.) (Round your answer to the nearest whole dollar amount.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service Basis November 12 $ 11,400 17,600 35,600 22,600 73,600 $160,800 Maximum cost recovery deduction June July 15 October 28 January 31 Burbank acquired the copier in a nontaxable transaction when the shareholder contributed the copier to the business in exchange for stock. c. What is Burbank's maximum cost recovery deduction this year assuming it elects §179 expense and claims bonus depreciation?
COLLEGE Question 4: The following details regarding Machines are provided: Machine Date of purchase Cost Date of sale Cash Proceeds $ 1,000,000 02/06/2020 450,000 XX Y 05/04/2017 01/01/2019 2,000,000 The policy of the company is to depreciate its PP&E at 10% on cost. Depreciation is charged in full in the year of purchase disposal. Required: For year ended 31st December 2020 prepare: Machinery account Accumulated depreciation account Machinery disposal a/c SPOL Extract SFP Extract Question 5: A machine was purchased on 2nd July 2016 for $1,200,000. It was traded in for new one whose price was $1,000,000 on 2nd June exchange. The policy of the company is to charge depreciation for its PP&E at 10% on cost per annum Depreciation is charged in depreciation is charged in the year of disposal.
18 Chaz Corporation has taxable income in 2023 of $1,313,150 for purposes of computing the $179 expense and acquired the following assets during the year: 0.31 points Asset office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total September 12 Placed in Service Basis $ 826,000 976,000 February 10 August 21 September 30 eBook Print 114,000 1,545,000 $ 3,461,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1 Table 2. Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. References Maximum total depreciation deduction Check my work Activate Windows Go to Settings to activate Windows Graw
At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Problem 10-46 Part a (Algo) Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247…
Check my workCheck My Work button is now enabled Item12 Required information Skip to question Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2 and Table 5.) Date Placed Original in Service October 25 $84,000 Asset Machinery Computer equipmentFebruary 3 24,000 Delivery truck* Furniture Total *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed new flooring (qualified improvement property) to its office building on May 12 at a cost of $440,000. b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Basis March 17 April 22 37,000 164,000 $309,000
Required information Problem 11-41 (LO 11-3, LO 11-4) (Static) [The following information applies to the questions displayed below.] In year 0, Longworth Partnership purchased a machine for $40,000 to use in its business. In year 3, Longworth sold the machine for $35,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $22,000. Note: Loss amounts should be indicated by a minus sign. Leave no answers blank. Enter zero if applicable. Problem 11-41 Part-b (Static) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are increased to $45,000? Answer is complete but not entirely correct. Description Total Gain or (Loss) Recognized Character of Recognized Gain or (Loss): Ordinary Gain or (Loss) $1231 gain or (loss) Amount $ 27,000 $(27,000) X $ (27,000)
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computers 1/30 $ 55,000 Office desks 2/15 $ 59,000 Machinery 7/25 $ 102,000 Office building 8/13 $ 436,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Anna’s year 1 cost recovery for each asset? b. What is Anna’s year 2 cost recovery for each asset?