tax bj

pdf

School

American University *

*We aren’t endorsed by this school

Course

604

Subject

Accounting

Date

Nov 24, 2024

Type

pdf

Pages

3

Uploaded by ElderInternetMeerkat19

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12/12/23, 10:12 AM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 1/3 Score: 3/3 Points 100 %
12/12/23, 10:12 AM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 2/3 2. Award: 0.42 out of 0.42 points Meg O'Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used for personal purposes for many years. Her father originally purchased the equipment for $2,430. Because the equipment is out of production and no longer available, the property is currently worth $4,550. Meg has decided to begin a new jewelry manufacturing trade or business. What is her depreciable basis for depreciating the equipment? Depreciable basis $ 2,430 rev: 09_09_2022_QC_CS-313608 References Problem Difficulty: 1 Easy Learning Objective: 10-01 Describe the cost recovery methods for recovering the cost of personal property, real property, intangible assets, and natural resources. Meg O'Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used for personal purposes for many years. Her father originally purchased the equipment for $2,430. Because the equipment is out of production and no longer available, the property is currently worth $4,550. Meg has decided to begin a new jewelry manufacturing trade or business. What is her depreciable basis for depreciating the equipment? $ Depreciable basis 2,430 rev: 09_09_2022_QC_CS-313608 Explanation:
12/12/23, 10:12 AM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 3/3 The basis of a gift is a carryover basis from the donor; therefore, Meg's depreciable basis in the property is $2,430.
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