Question

In July of 2017, Elias bought a new computer system for his business for $3800. (1)...

In July of 2017, Elias bought a new computer system for his business for $3800. (1) What is the total depreciation if he claims special depreciation? (2) What is the total depreciation if he opts out of special depreciation?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In July of 2017 a taxpayer purchased a new computer system for $3800. (1) What is...
In July of 2017 a taxpayer purchased a new computer system for $3800. (1) What is the total depreciation if he claims special depreciation? (2) What is the total depreciation if he opts out of special depreciation? The only options to answer this question are either 380, 760, 1900 or 2280. 2850 is not an option.
Mike purchased depreciable assets for his new business on 1/10/2017 New computer equipment (5year property) 8,500...
Mike purchased depreciable assets for his new business on 1/10/2017 New computer equipment (5year property) 8,500 New office furniture and fixtures (7year property) 19,000 Delivery warehouse, including 10% land 85,000 He wants to elect section 179 on the computer. He does not elect out of bonus depreciation Using form 4562, calculate total depreciation?
Suppose a computer software developer for a certain company purchased a computer system for $55,000 on...
Suppose a computer software developer for a certain company purchased a computer system for $55,000 on April 27, 2017. The computer system is used for business 100% of the time. The accountant for the company elected to take a $30,000 Section 179 deduction, and the asset qualified for a special depreciation allowance. (a) What was the basis for depreciation (in $) of the computer system? (See Table 17-4.) $ (b) What was the amount (in $) of the first year's...
Lanyard purchased office equipment for use in his business (7 year property). He paid 100,000 for...
Lanyard purchased office equipment for use in his business (7 year property). He paid 100,000 for the equipment on july 1, 2017. Lanyard did not purchase any other property during the year. for 2017, his business ha a net income of 350,000, before depreciation and before considering the election to expense. A) what is the maximum amount that lanyard can deduct in 2017 under the election to expense? B) What is the total depreciation (regular depreciation under the amount allowed...
William bought a new home and decided to convert his original home into a rental. At...
William bought a new home and decided to convert his original home into a rental. At the time it was rented, the adjusted basis of the rental home was $ 125,000, including a land value of $ 20,000. The FMV was $ 250,000, including a land value of $ 40,000. He advertised the house for rent on June 1, 2017, and it was rented June 15, 2017. What is the depreciation for the first year. 1) $ 2,069 2) $...
Derek purchases a small business from Art on July 1, 2017. He paid the following amounts...
Derek purchases a small business from Art on July 1, 2017. He paid the following amounts for the business: Fixed assets $220,000 Goodwill 50,000 Covenant not to compete 55,000 Total $325,000 a. How much of the $325,000 purchase price is for Section 197 intangible assets? $ b. What amount can Derek deduct on his 2017 tax return as Section 197 intangible amortization? Use months, not days, in your computations. $
Ethan (single) purchased his home on July 1, 2008. He lived in the home as his...
Ethan (single) purchased his home on July 1, 2008. He lived in the home as his principal residence until July 1, 2015 when he moved out of the home and rented it out until July 1, 2017 when he moved back into the home. On July 1, 2018 he sold the home and realized a $191,500 gain. What amount of the gain is Ethan allowed to exclude from his 2018 gross income? Multiple Choice $0. $153,200. $181,500. $191,500.
-On May 16, 2017, Ariana bought a computer for $40,000 for business use. This was the...
-On May 16, 2017, Ariana bought a computer for $40,000 for business use. This was the only purchase for that year. Ariana used the most accelerated depreciation method available but did not elect Sec. 179. Bonus depreciation was not available. Ariana sells the machine in 2018. The depreciation on the computer for 2018 is A) $2,400. B) $3,600. C) $4,800. D) $6,400. -Juan acquires an oil and gas property interest for $500,000. Juan expects to recover 100,000 barrels of oil....
22. Michael (single) purchased his home on July 1, 2007. On July 1, 2015 he moved...
22. Michael (single) purchased his home on July 1, 2007. On July 1, 2015 he moved out of the home. He rented out the home until July 1, 2016 when he moved back into the home. On July 1, 2017 he sold the home and realized a $305,000 gain. What amount of the gain is Michael allowed to exclude from his 2017 gross income? MULTIPLE CHOICE $0 $225,000 $250,000 $305,000 23. In year 1, Kris purchased a new home for...
Jackson uses his automobile 82% for business and during 2017 drove a total of 19,200 business...
Jackson uses his automobile 82% for business and during 2017 drove a total of 19,200 business miles. Information regarding his car expenses is listed below. Business parking $ 270 Auto insurance 2,700 Auto club dues (includes towing service) 324 Toll road charges (business-related) 405 Oil changes and engine tune-ups 432 Repairs 297 Depreciation allowable 5,400 Fines for traffic violations (incurred during business use) 540 Gasoline purchases 5,940 What is Jackson's deduction in 2017 for the use of his car if...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT