Ac. 1). On 15 Mard 2022, fusiness Taxpwyer, reportirg on a calendar year basis, sold furniture fueven year peogerty) it had phaced in service on 1 Nowernier 2020 (Q4), The furniture was the only asset placed in service during 2000 and had an initial basis of $12,000. Trapayer did not elect 179 inmediate expensing and elected out of bomis deprecation in 2020 (meaning no 179 or bonus). Determine the depreciation deduction for the furniture in 2022 , the year of sale.   2099  230  1049  295   2). Tiepayer and Spouse are a married couple filing jointly. This year, Taxperyer earned salary from her employer of $215,000 and Sporise earned salary from his tinployer of $5,000. Deterinine the couple's Additional Merficare Tax liability for the year   134 810 2610 1520 360

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 4MCQ: James purchased office equipment for his business. The equipment has a depreciable basis of $7,000...
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Ac.

1).

On 15 Mard 2022, fusiness Taxpwyer, reportirg on a calendar year basis, sold furniture fueven year peogerty) it had phaced in service on 1 Nowernier 2020 (Q4), The furniture was the only asset placed in service during 2000 and had an initial basis of $12,000. Trapayer did not elect 179 inmediate expensing and elected out of bomis deprecation in 2020 (meaning no 179 or bonus). Determine the depreciation deduction for the furniture in 2022 , the year of sale.

 

2099 

230 

1049 

295

 

2).

Tiepayer and Spouse are a married couple filing jointly. This year, Taxperyer earned salary from her employer of $215,000

and Sporise earned salary from his tinployer of $5,000. Deterinine the couple's Additional Merficare Tax liability for the year

 

134

810

2610

1520

360

 

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