[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: Date Acquired 1/30 Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 Asset Computers Office desks 2/15 Machinery Office building 7/25 8/13 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? Year 1 Asset Cost Recovery Computers Office desks Machinery Office building Total $

[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: Date Acquired 1/30 Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 Asset Computers Office desks 2/15 Machinery Office building 7/25 8/13 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? Year 1 Asset Cost Recovery Computers Office desks Machinery Office building Total $

Name: [The following information applies to the questions displayed below.]
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: [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 theyear:Date Acquired1/30AssetCost Basis$ 64,000$ 68,000$ 111,00

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 34P

See similar textbooks

Similar questions

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?
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 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 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?
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 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 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. b. What is Poplock's year 2 depreciation deduction for each asset?
[The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery September 12 $ 1,440,000 Computer equipment February 10 440,000 Office building April 2 555,000 Total $ 2,435,000 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2019 on the assets it placed in service in 2019, assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
On May 31, 2024, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. The assets of the component were sold on October 13, 2024, for $1,120,000. The component generated operating income of $300,000 from January 1, 2024, through disposal. In its income statement for the year ended December 31, 2024, the company reported before-tax income from operations of a discontinued component of $620,000. What was the book value of the assets of the cosmetics component? Multiple Choice $800,000 $1,420,000 $300,000 All of these choices are incorrect.
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: What is Anna's year 1 cost recovery for each asset?
On January 1, 2021, Deer Company had a division that met the criteria for discontinuance of a business component. For the period January 1 through October 15, 2021, the component had revenue of P500,000 and expenses of P800,000. The assets of the component were sold on October 15, 2021 at a loss of P100,000. How should Deer report the component's operation for 2021?
Please solve all (a,b,c,d,e) questions given below based on the images uploaded. As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention. a. How much depreciation is reported by Philadelphia Region 3 on assets purchased from Magellanic Resources? b.How much depreciation is reported by Kansas City Region 7 on assets purchased from Magellanic Resources? c.What asset class life was used by Kansas City Region 7 on assets purchased from Magellanic Resources? d. Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources? e.What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?
On April 1, 2018, the Apex Corporation sold a parcel of underdeveloped land to the Applegate ConstructionCompany for $2,400,000. The book value of the land on Apex’s books was $480,000. Terms of the sale required adown payment of $120,000 and 19 annual payments of $120,000 plus interest at an appropriate interest rate due oneach April 1 beginning in 2019. Apex has no significant obligations to perform services after the sale.Required:1. Prepare the necessary entries for Apex to record the sale, receipt of the down payment, and receipt of the firstinstallment assuming that Apex is able to make a reliable estimate of possible uncollectible amounts (that is,profit is recognized upon delivery). Ignore interest charges.2. Repeat requirement 1 assuming that Apex cannot make a reliable estimate of possible uncollectible amountsand decides to use the installment sales method for profit recognition
On January 1, Year 2, several supporters of the entity above spent their own money to construct a garage for its vehicles that is worth $70,000. It should last for 10 years and will have no salvage value although no time restriction was assumed. The entity increased its contributed support within the unrestricted net assets by $70,000 and increased its expenses within unrestricted net assets by $70,000.a. What was the correct amount of unrestricted net assets at the end of Year 2?b. What was the correct amount of total assets at the end of Year 2?c. What was the correct amount of expenses for Year 2?
The following expenditures were incurred by an entity during 2021. A piece of land with a dilapidated building was acquired and immediately construction of a new building began. Upon completion of the building, the entity acquired several pieces of machinery for use in its operations.Cash paid on purchase of land-P4,500,000Mortgage assumed on the land bought-P5,000,000Legal fees and title verification expenses-P50,000Payment to squatters on the property to vacate the premises -P100,000Demolition costs incurred-P80,000 Proceeds from sale of salvaged materials-P45,000 Paid to contractor for a building erected-P12,000,000Building permit fees-P20,000Excavation expenses-P50,000Architect’s fees-P150,000Capitalized interest cost on building constructed-P18,000 What are the costs of Land and Building, respectively? Apply the principles prior to the amendments to PAS 16 that is effective on January 1, 2022.
The following expenditures were incurred by an entity during 2021. A piece of land with a dilapidated building was acquired and immediately construction of a new building began. Upon completion of the building, the entity acquired several pieces of machinery for use in its operations.Cash paid on purchase of land-P4,500,000Mortgage assumed on the land bought-P5,000,000Legal fees and title verification expenses-P50,000Payment to squatters on the property to vacate the premises -P100,000Demolition costs incurred-P80,000 Proceeds from sale of salvaged materials-P45,000 Paid to contractor for a building erected-P12,000,000Building permit fees-P20,000Excavation expenses-P50,000Architect’s fees-P150,000Capitalized interest cost on building constructed-P18,000 What are the costs of Land and Building, respectively? Apply the principles prior to the amendments to PAS 16 that is effective on January 1, 2022. a. 9,685,000 and 12,238,000 b. 9,650,000 and 12,273,000 c. 9,550,000 and…