please do them right. i will upvote. 9Problem 07-22 (Static) [LO 7-5, 7-7]pointsSkippedeBookPrintMargo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1,2024. Use Table 7-2.Required:a. Assuming that the machinery was the only tangible property placed in service during the year, compute Margo's maximum costrecovery deduction. Note that for 2024 the maximum Section 179 deduction was $1,220,000.b. How would your computation change if Margo paid $3,200,000 for the machinery? Note that for 2024 the Section 179 deductionthreshold amount was $3,050,000.c. How would your computation change if Margo paid $4,750,000 for the machinery?d. How would your answer to part (a) change if the machinery was purchased in 2022 instead of 2024?Note: For all requirements, round your intermediate computations to the nearest whole dollar amount.Referencesa. Deductionb. Deductionc. DeductionMcGrawHilld. DeductionAmountPrev9 of 20Next >Check my work

a. Deduction: $1,580,000 The full cost of the machinery can be deducted because its cost is below…

Answered: 9 Problem 07-22 (Static) [LO 7-5, 7-7]…

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Chapter11: Long-term Assets

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Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Problem 07-22 (Static) [LO 7-5, 7-7] Margo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1, 2023. Use Table 7-2. Required: a. Assuming that the machinery was the only tangible property placed in service during the year, compute Margo's maximum cost recovery deduction. Note that for 2023 the maximum Section 179 deduction was $1,160,000. b. How would your computation change if Margo paid $3,100,000 for the machinery? Note that for 2023 the Section 179 deduction threshold amount was $2,890,000. c. How would your computation change if Margo paid $4,750,000 for the machinery? d. How would your answer to part (a) change if the machinery was purchased in 2022 instead of 2023? Note: For all requirements, round your intermediate computations to the nearest whole dollar amount. a. Deduction b. Deduction c. Deduction d. Deduction X Answer is not complete. $ $ Amount 1,508,004 1,580,000
int Item Exercise 8-21 (Algorithmic) (LO. 2) Lopez acquired and placed in service a building on June 1, 2018, for $8,470,300. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as residential rental real estate. 307,980 b. Calculate Lopez's cost recovery deduction for 2023 if the building is classified as nonresidential real estate. 217,178
S Problem 07-14 (Algo) [LO 7-5] Herelt, Incorporated, a calendar year taxpayer, purchased equipment for $393,200 and placed it in service on April 1, 2023. The equipment was seven-year recovery property, and Herelt used the half-year convention to compute MACRS depreciation. Use Table 7- 2. Required: a. Compute Herelt's MACRS depreciation with respect to the equipment for 2023 and 2024. b. Compute Herelt's adjusted basis in the equipment on December 31, 2024. c. Compute Herelt's MACRS depreciation for 2025 if it disposes of the equipment on February 9, 2025. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Herelt's MACRS depreciation with respect to the equipment for 2023 and 2024. Note: Round your final answers to the nearest whole dollar amount. Depreciation 2023 2024
7. On January 1, 2020 Gingerbread, Corp. purchased a reindeer merry-go-round as an attraction to draw customers during the holiday season. The following information is available: Invoice price $280,000 Shipping cost $4,000 Set-up cost $2,000 Insurance to cover years 2020 and 2021 $12,000 Necessary repair during set-up 500 Determine the amount to be record as the capitalized cost of the asset. a.286,000 b.280,000 c.286,500 d.298,500
Problem 8-33 (LO. 2) Debra acquired the following new assets during 2020: Date Asset Cost April 11 Furniture $40,000 July 28 Trucks 40,000 November 3 Computers 70,000 Debra does not elect immediate expensing under § 179. She does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation tables to use for this problem. c. The cost recovery deductions for the current year is: Furniture: $fill in the blank 5 Trucks: $fill in the blank 6 Computers: $fill in the blank 7 Exhibit 8.4 MACRS Accelerated Depreciation for Personal Property Assuming Mid-Quarter Convention (Percentage Rates) For Property Placed in Service after December 31, 1986 (Partial Table) 3-Year Recovery Year First Quarter Second Quarter Third Quarter Fourth Quarter 1 58.33 41.67 25.00 8.33 2 27.78 38.89 50.00 61.11 5-Year Recovery Year First Quarter Second Quarter Third…
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Exercise 8-21 (Algorithmic) (LO. 2) Lopez acquired a building on June 1, 2015, for $27,721,000. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2020 if the building is classified as residential rental real estate. x b. Calculate Lopez's cost recovery deduction for 2020 if the building is classified as nonresidential real estate. X
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A permanent steel building used for the overhaul of dewatering systems (engines, pumps, and wellpoints) is placed in service on July 10 by a calendar-year taxpayer for $480,000. It is sold almost 5 years later on May 15. Click here to access the MACRS-GDS Property Classes Part a Part b — Your answer is partially correct. Determine the depreciation deduction during each of the years involved. ΕΟΥ Depreciation Deduction 4

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