Question

which of the following is not classified as listed property ? a computer used exclusively in...

which of the following is not classified as listed property ? a computer used exclusively in a regular place of business that was placed in service on December 30,2017. a computer used exclusively in a regular place of business that was placed in service on July 27,2019. a passenger automobile weighing less than 6000 pounds used 92% for business . video recording equipment used 75% for business

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer : a computer used exclusively in a regular place of business that was placed in service on July 27,2019

Explanation :

Listed properties are special class of depreciable asset on which special set of tax rules applies provided it is predominently used for business purpose.

As per IRS, listed properties include,

computers and peripheral equipment placed before 1 January 2018.

passenger automobiles

sound & video recording equipment

So a computer placed on 27 june 2019 ( i.e after 2017 ) are not included.

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
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....
Bonnie Jo purchased a used computer (5-year property) for use in her sole proprietorship. The basis...
Bonnie Jo purchased a used computer (5-year property) for use in her sole proprietorship. The basis of the computer was $2,800. Bonnie Jo used the computer in her business 60 percent of the time and used it for personal purposes the rest of the time during the first year. Calculate Bonnie Jo's depreciation expense during the first year assuming the sole proprietorship had a loss during the year (Bonnie did not place the property in service in the last quarter):...
Which of the following is depreciable property? Equipment placed in service and disposed of in the...
Which of the following is depreciable property? Equipment placed in service and disposed of in the same year. A lawnmower used to mow the taxpayer's yard. A truck used by the taxpayer for both personal and business purposes. An unimproved piece of land used as a parking lot.
Estimating Useful Life and Percent Used Up The property and equipment footnote from Tesla follows. Assume...
Estimating Useful Life and Percent Used Up The property and equipment footnote from Tesla follows. Assume that 25% of the amount classified as "Land and buildings" pertains to the cost of the Land. Property and Depreciation Our property, plant and equipment, net, consists of the following (in thousands): December 31 2018 2017 *Weighted averages Machinery, equipment, vehicles and office furniture $6,328,966 $4,251,711 Tooling 1,397,514 1,255,952 Leaseholder improvements 960,971 789,751 Land and buildings 4,047,006 2,517,247 Computer equipment, hardware and software 487,421...
During 2017, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:...
During 2017, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business: Item Date Acquired Cost Manufacturing equipment (7 year) June 2 $ 38,000 Office furniture September 15 5,400 Office computer November 18 3,800 Passenger automobile (used 90 percent for business) May 31 35,600 Warehouse April 23 Building 170,000 Land 135,000 Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonus depreciation. Use Form 4562...
On the job smith computer center chapter 1 The following problem continue from one chapter to...
On the job smith computer center chapter 1 The following problem continue from one chapter to the next, carrying the balances of each month forward. 1 Analyze and record each transaction in the expanded accounting equation. 2. Prepare the financial statements ending July 31 for Smith computer Center. On July 1, 201x Thad Feldman decided to begin his own computer service business. He named the business Smith computer center. During the first month, Thad conducted the following business transactions. A....
1) Charles wants to relocate to Florida.  He decided to sell his rental property, which is located...
1) Charles wants to relocate to Florida.  He decided to sell his rental property, which is located in Brooklyn, NY. Charles accepted the following terms: Charles received $1,200,000 in cash and was relieved of $800,000 mortgage. (this was the outstanding balance at the time the transaction closed). Charles was responsible for broker's fees and legal costs associated with transferring the mortgage of $35,000 and $17,500, respectively.   Charles' adjusted basis in the rental property is $600,000. (The $600,000 is net of $750,000...
Which of the following most likely would be classified as restructuring costs? Multiple Choice Acquisition fees...
Which of the following most likely would be classified as restructuring costs? Multiple Choice Acquisition fees associated with the purchase of land and buildings. Brokerage fees from the issuance of additional shares of stock. Advertising costs to sell a product recently developed by a company. Severance pay for employee layoffs associated with facility closings. Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth was born on July 4, 1972, and her Social Security number is 123-45-6789. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information...
1.An obligation of a business that represents the claims of others against the assets of he...
1.An obligation of a business that represents the claims of others against the assets of he business is called a(n) * A.asset B.liability C.expense D.revenue E.equity 2.The general journal provides a place for recording * A.the amount of each debit and credit B.an explanation of the transaction C.the transaction date D.the names of the accounts involved E.All of these 3.An exchange of economic consideration between two parties that causes a change in assets, liabilities or equity is called * A.prepaid...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT