Anna bought $410,000 of furniture on August 7, 2014. On December 14, 2014, she purchased $160,000 of used computer equipment. If Anna elects $179, what is the maximum write-off for these purchases for 2014?

Anna bought $410,000 of furniture on August 7, 2014. On December 14, 2014, she purchased $160,000 of used computer equipment. If Anna elects $179, what is the maximum write-off for these purchases for 2014?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 57P

See similar textbooks

Similar questions

On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and drives the car as follows: 7,000 miles in 2017, 17,500 miles in 2018, 19,600 miles in 2019, and 14,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: $fill in the blank 5d0ce403cfe2029_1 2018: $fill in the blank 5d0ce403cfe2029_2 2019: $fill in the blank 5d0ce403cfe2029_3 2020: $fill in the blank 5d0ce403cfe2029_4 Brent's adjusted basis in the auto on January 1, 2021, is $fill in the blank 5d0ce403cfe2029_5. b. Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is…
On July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and drives the car as follows: 12,000 miles in 2016, 30,000 miles in 2017, 33,600 miles in 2018, and 24,000 miles in 2019. Determine Rex's basis in the business portion of the auto as of January 1, 2020, under the following assumptions: If required, round your computations to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2016: $ 2017: $ 2018: $ 2019: $ Rex's adjusted basis in the auto on January 1, 2020, is $ b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2016 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his…
Lily graduated from UCSD in 2015. Right now she has an excellent job with a take-home income (after taxes) of $5,000 a month. The following is her financial situation: 1. She is single and shares an apartment with a roommate. Her monthly expenses in December 2020 were: Rent: Utilities (including cell phone): Food (including eating out) Car payment Gas Student loan payment Credit card payment Personal loan payment Clothing and personal items TOTAL Net loss of $450.00 As of December 31, 2020, what was Lily's net income for the month of December 2020? Express it in terms of a net gain or a net loss for the month. Net gain of $450.00 $1,400 600 600 No gain or loss No answer text provided. 500 200 1,100 500 300 250 $5,450
Lori is a student who teaches golf on Saturdays. In a year she earns $40,000 after paying her taxes. At the beginning of 2017, Lori owned $2,500 worth of books, DVDS, and golf clubs and she had $4,000 in a savings account at the bank. During 2017, the interest on her savings account was $240 and she spent a total of $30,000 on consumption goods and services. There was no change in the market values of her books, DVDS, and golf clubs. How much did Lori save in 2017? What was her wealth at the end of 2017? In 2017, Lori saved S
In 2017 Rena accepted a new job and moved from Seattle to Pittsburgh to begin to work. She incurred moving expenses for her households goods and furniture of 3,500. Prior to moving, Rena flew to Pittsburgh to look for a new residence. The transportation and lodging for this trip to Pittsburgh was 900 and her meals were 250. The cost of her tracer during the actual move to Pittsburgh was 500, which include 75 for meals. Calculate the amount of Renas moving expense deduction for 2017.
Sean Zane is a Carpenter who operates a shop in Kingston, Jamaica. The shop generates income of $50,000.00 per week for 52 weeks in 2015. Zane also works part-time at a supermarket close to his shop and earns an additional $10,000.00 per weekend in that same year. For 2015, the National Insurance Scheme rate = 2.5%, Income Tax Rate = 25%, and Tax Credit/Threshold = 557,232.00 What is the Income Tax Payable by Mr. Zane for the year of assessment 2015? How much tax is Mr. Zane required to file on his Tax Return to the Inland Revenue Department for the year of assessment 2015?
On July 1, 2015, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2015, 19,000 miles in 2016, 20,000 miles in 2017, and 15,000 miles in 2018. Determine Rex's basis in the business portion of the auto as of January 1, 2019, under the following assumptions: If required, round answers to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2015: $fill in the blank 7c768af94f81f83_1 2016: $fill in the blank 7c768af94f81f83_2 2017: $fill in the blank 7c768af94f81f83_3 2018: $fill in the blank 7c768af94f81f83_4 Rex's adjusted basis in the auto on January 1, 2019, is $fill in the blank 7c768af94f81f83_5. b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery…
1.Susanna runs a hat shop in Melbourne, VIC. During the FY20, she bought 300 hats for $99 each (incl GST) and sold those hats for $220 each (incl GST). How much should Susanna remit to the ATO once all the hats are sold? Briefly explain your calculations.
Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,500 Lodging (8 nights) 1,920 Meals (8 days) 1,440 Airport transportation 120 Assume lodging/meals are the same amount for the business and personal portion of the trip ($240 per day for lodging and $180 per day for meals). If an amount is zero, enter "0". a. Determine Kim's business expenses, presuming no reimbursement. Airfare Lodging X Мeals Transportation X Total What amount may she deduct on her tax return? X Feedback b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses on her tax return would be $ X and the expenses would be classified as a deduction for AGI V
20. Kelly runs a small business which she started on 1 May 2016 and draws up her first set of accounts to 31 January 2017. On 1 June 2016, she purchased a car for £12,500 which she uses 30% for business purposes. The car has CO2 emissions of 120 g/km. What are the capital allowances available to her for the period ended 31 January 2017? A £12,500 B £1,688 £675 .D £506
Jane Doe moved from Victoria to Vancouver for an internal transfer requested by her employer on October 1, 2020. Prior to relocation, she spent $1000 on a house hunting trip to Vancouver and ended up signing a one-year lease for an apartment in Vancouver after an unsuccessful bid for a house. The cost of sales of her old residence in Victoria, including legal fees and brokerage fees, totaled $7,200. The actual moving costs were $13,000. Jane’s employer agreed to pay $8,000 for her moving costs. Jane’s salary for 2020 was $48,000 (assume her monthly salary is the same throughout the year). Required: Calculate Jane’s maximum moving expense deduction for 2020. Please also indicate the carry forward amount, if any.
Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,300 Lodging (8 nights) 1,690 Meals (8 days) 1,560 Airport transportation 125 Assume lodging/meals are the same amount for the business and personal portion of the trip ($211 per day for lodging and $195 per day for meals). If an amount is zero, enter "0". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. Airfare $ Lodging Meals Transportation Total $ What amount may she deduct on her tax return?$ b. Would the tax treatment of Kim's deduction differ if she was an independent contractor?The deductible expenses would be $______________ and the expenses would be classified as a deduction for AGI…