CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
41st Edition
ISBN: 9781337389518
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 8, Problem 47P
a.
To determine
Calculate H’s total
b.
To determine
Calculate H’s total depreciation deduction for 2018.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
On March 15, 2022, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.If required, round your answers to the nearest dollar.Click here to access the depreciation table to use for this problem.a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the vehicle for 2022.Section § 179 expenseMACRS cost recoveryTotal deduction<b. What is her total depreciation deduction if Helen decided to take additional first-year depreciation?
On March 15, 2022, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the
vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.
If required, round your answers to the nearest dollar.
Click here to access the depreciation table to use for this problem.
a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the
vehicle for 2022.
Section § 179 expense
MACRS cost recovery
Total deduction
b. What is her total depreciation deduction if Helen decided to take additional first-year depreciation?
On March 15, 2023, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the
vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.
If required, round your answers to the nearest dollar.
Click here to access the depreciation table to use for this problem.
a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the
vehicle for 2023.
Section 5 179 expense
MACRS cost recovery
Total deduction
25,900 X
7,400 X
62,000 X
b. What is her total depreciation deduction if Helen decided to take additional first-year depreciation?
0 X
Chapter 8 Solutions
CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
Ch. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - LO.2 Robert purchased and placed in service...Ch. 8 - LO.2 Jim owns a very large ranch. A large part of...Ch. 8 - Prob. 10DQ
Ch. 8 - Prob. 12DQCh. 8 - Discuss the definition of business income as it is...Ch. 8 - Prob. 14DQCh. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 17DQCh. 8 - Prob. 18DQCh. 8 - Prob. 19DQCh. 8 - Prob. 20DQCh. 8 - Prob. 21CECh. 8 - Prob. 22CECh. 8 - Prob. 23CECh. 8 - Prob. 24CECh. 8 - Prob. 25CECh. 8 - Prob. 26CECh. 8 - Prob. 27CECh. 8 - Prob. 28CECh. 8 - Prob. 29CECh. 8 - Prob. 30CECh. 8 - Prob. 31PCh. 8 - Prob. 32PCh. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38PCh. 8 - Prob. 39PCh. 8 - Prob. 40PCh. 8 - Prob. 41PCh. 8 - Prob. 42PCh. 8 - Prob. 43PCh. 8 - Prob. 44PCh. 8 - Prob. 45PCh. 8 - Prob. 46PCh. 8 - Prob. 47PCh. 8 - Prob. 48PCh. 8 - Prob. 49PCh. 8 - Prob. 50PCh. 8 - Prob. 51PCh. 8 - LO.2, 5, 9 Jamie purchased 100,000 of new office...Ch. 8 - Prob. 53PCh. 8 - Prob. 54PCh. 8 - Prob. 55PCh. 8 - Prob. 56PCh. 8 - Prob. 57CPCh. 8 - Prob. 58CPCh. 8 - Prob. 1RPCh. 8 - Prob. 2RPCh. 8 - Prob. 3RPCh. 8 - Michael Sima, a sole proprietor craftsman,...Ch. 8 - Cox Construction, a company in its 10th year of...Ch. 8 - Stem Corp. bought a machine in February of year 7...Ch. 8 - Prob. 4CPACh. 8 - Data, Inc., purchased and placed in service a...Ch. 8 - Data, Inc., purchased and placed in service 5,000...Ch. 8 - Which statement below is correct? a. Real property...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Hi Can you help me solve this for Depreciation Asset. Thank you! QUESTIONDr Jensen, who carries on business as a physician, purchased a Commodore car on 1 April 2018 at a cost of $35,000. Dr Jenson estimates the effective life of the car as seven years. As a result of mechanical problems she sold the car on 30 June 2018 for $20,000. She has a 60% business usage on her vehicles. Advise Dr Jensen of the tax consequences and the deductions available to her for the year ended 30 June 2018. (All figures are exclusive of GST)arrow_forward< On June 5, 2020, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not claim any available additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's deduction in 2020 is $ and for 2021 is:arrow_forwardOn April 30, 2021, Leo purchased and placed in service a new car that cost $69,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2021 is $ 10,000 X and for 2022 is $ 16,000 Xarrow_forward
- On June 1, 2021, Leo purchased and placed in service a new car that cost $69,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2021 is $fill in the blank 3 and for 2022 is $fill in the blank 4.arrow_forwardOn February 1, 2022, Leo purchased and placed in service a new car that cost $71,200. The business use percentage for the car is always 100%. He does not elect § 179 expensing, and does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? b. Is the automobile considered "listed property"? c. Leo's cost recovery deduction in 2022 is $ and for 2023 is $arrow_forwardOn June 1, 2022, Leo purchased and placed in service a new car that cost $79,600. The business use percentage for the car is always 100%. He does not elect § 179 expensing, and does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2022 is $ and for 2023 is $arrow_forward
- On April 12, 2020, Suzanne bought a computer for $20,000 for business use. This was the only purchase for that year. Suzanne used the most accelerated depreciation method available but did not apply Sec. 179 or bonus depreciation. Suzanne sells the machine in 2021. The depreciation on the computer for 2021 is a. $2,000. b. $3,200. c. $4,000. d. $6,400.arrow_forwardYour client, Felix Hammond, the Chairman of a small local company, recently bought a motor van for GH₵15,000 on 1st January, 2016. The expected useful life of the motor van is three (3) years and at the end of the useful life it could be sold for GH₵3,500. He has asked you to clarify some points concerning depreciation. He later disposed of the motor van on 1st February, 2018 for GH₵6,300.Required:(a) Explain the aim of charging depreciation in the financial statements.7(b) Explain two methods of depreciation and a reason behind a choice.(c) Calculate the rate of depreciation using the reducing balance method.(d) Calculate the value of depreciation to be charged for 31st December, 2017.(d) Calculate the gains on the disposal of the motor van on 1st February, 2018.arrow_forward7. You and your partner purchased an apartment complex that cost $1,000,000 in June of 2010. You were able to start renting units in July of 2010. The complex was sold in December of 2019 for $750,000. What is the depreciation deduction for the first year? b. $36,370 d. None of these a $19,700 C. $16,670arrow_forward
- On August 15, 2021, Bob bought a rental house. The property cost $310,000. Of this, the land was valued at $150,000 and the remaining $160,000 represents the house value. Determine the maximum depreciation that Bob can claim in 2021 using the proper MACRS method. $2,667.20 $2,182.40 $1,697.60 $4,228.40 $2,046.00arrow_forward6. When you buy a vehicle and take it out of the dealership, it begins to depreciate. Rosa got an offer for a car for $16,069, which has a residual value of $1,981 and a useful life of 6 years. What is the percentage of depreciation of the cost of the car per year? Indicate if you think the offer is convenient for Rosa and explain your answer. A. Identify the data and establish the relationship between them. B. Resolve the relationship by presenting the procedure and answer the question in a complete sentencearrow_forwardSophia purchased the following assets in 2020. 4-15-20 New Computer $2,600 7-02-20 Office Furniture $10,000 10-2-20 Office Equipment $16,200 Sophia does not want to take any 179-expense deduction or any additional first year depreciation. Calculate the cost recovery for 2020.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Depreciation -MACRS; Author: Ronald Moy, Ph.D., CFA, CFP;https://www.youtube.com/watch?v=jsf7NCnkAmk;License: Standard Youtube License