Question

Problem 8-46 (LO. 4) On June 5, 2017, Leo purchased and placed in service a new...

Problem 8-46 (LO. 4)

On June 5, 2017, Leo purchased and placed in service a new car that cost $20,000. The business use percentage for the car is always 100%. Leo claims any available additional first-year depreciation but does not claim any expense under § 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 cost recovery deduction in 2017 is $11,160 and for 2018 is $________________.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

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
Problem 8-42 (LO. 4) On June 5, 2019, Leo purchased and placed in service a new...
Problem 8-42 (LO. 4) On June 5, 2019, 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...
Problem 8-46 (Algorithmic) (LO. 4) On March 1, 2017, Leo purchased and placed in service a...
Problem 8-46 (Algorithmic) (LO. 4) On March 1, 2017, Leo purchased and placed in service a new car that cost $25,700. The business use percentage for the car is always 100%. He does take the 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...
On July 15, 2019, Leo purchased and placed in service a new car that cost $73,800....
On July 15, 2019, Leo purchased and placed in service a new car that cost $73,800. 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? b. Is the automobile considered...
On March 1, 2018, Leo purchased and placed in service a new car that cost $73,800....
On March 1, 2018, Leo purchased and placed in service a new car that cost $73,800. 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. 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 2018 is $ and for 2019 is $
On June 5, 2018, Leo purchased and placed in service a new car that cost $75,000....
On June 5, 2018, 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. Compute Leo’s cost recovery deduction for 2018 and 2019
Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 7.4,...
Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 7.4, 7.6, 7.7) On September 14, 2017, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $43,000, and Jay uses the accelerated method under MACRS. Jay does not elect to expense under section 179. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations....
On June 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset...
On June 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset costing $560,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). During 2019, his business generated a net income of $945,780 before any $179 immediate expense election. Rather than using bonus depreciation, Javier would like to use $179 to expense $200,000 of this asset and then use regular MACRS to cost recover the remaining cost. If...
Problem 8-33 (LO. 2) Orange Corporation acquired new office furniture on August 15, 2018, for $130,000....
Problem 8-33 (LO. 2) Orange Corporation acquired new office furniture on August 15, 2018, for $130,000. Orange does not elect immediate expensing under § 179. Orange claims any available additional first-year depreciation. If required, round your answer to the nearest dollar. Click here to access Exhibit 8.1 and the depreciation tables in the textbook. a. Determine Orange's cost recovery for 2018. The office furniture is classified as Seven-year class of property for MACRS. If bonus depreciation is elected, Orange's deduction...
Problem 7-8 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS) (LO 7.4) On January 8, 2017, Holly...
Problem 7-8 (Algorithmic) Modified Accelerated Cost Recovery System (MACRS) (LO 7.4) On January 8, 2017, Holly purchased a residential apartment building. The cost basis assigned to the building is $217,000. Holly also owns another residential apartment building that she purchased on April 15, 2017, with a cost basis of $464,000. Click here to access the depreciation tables. If required, round intermediate calculations and final answers to nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2017 using...
Problem 8-48 (a) (LO. 2, 5, 9) Burt purchased $58,000 of new computers for his business...
Problem 8-48 (a) (LO. 2, 5, 9) Burt purchased $58,000 of new computers for his business in May of the current year. Burt understands that if he elects to use ADS to compute his regular income tax, there will be no difference between the cost recovery for computing the regular income tax and the AMT. Burt wants to know the regular income tax cost, after three years, of using ADS rather than MACRS. Assume that Burt does not elect §...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT