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?
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- 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, 2017, Brent purchases a new automobile for $59,500. He uses the car 88% for business and drives the car as follows: 11,500 miles in 2017, 28,750 miles in 2018, 32,200 miles in 2019, and 23,000 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: S 2018: S_ 2019: S 2020: $_ Brent's adjusted basis in the auto on January 1, 2021, is $_ 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 used. The recovery limitation for an auto placed in service in 2017 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his…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…
- 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…Rhonda has her own law practice in London, Ontario. During 2020 she paid $3000 to attend four conventions. Each convention cost a quarter of the total spent. All four conventions were hosted in London and related to her business. What is her maximum deductible convention expense for the year? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer: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
- Jessica spent $5,000 on a new energy-efficient tankless water heater in 2021. She claimed a $400 nonbusiness energy property credit when she replaced an identical unit in 2006. What is the amount of her 2021 non-business energy property borrowing?In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for 1 day and spends 3 days enjoying Oregon since the consultation was right before a 3-day weekend. His expenses were $175 to drive to Oregon and back, $600 for lodging, $50 for food from a convenience store on the day that he worked, and $125 for restaurant food on the other 3 days. How much of his travel expenses are deductible? $800 b.$350 c.$0 d.$200 e.$1751.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.
- How much must Johnson include in her gross income??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.Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of thefollowing assets:1. Taryn sold her Harry Potter’s collection for the amount of $1,500 on 4’th January 2020, she bought itsecond hand on 10’th October 2018 for $350.2. Taryn sold her gold necklace for $2,000 on 20’th March 2020, she bought it for $1,200 on 8’th August20183. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1500 Q. Identification and analysis of legal issues / legal question and relevant taxation law for each case and Accurate conclusions are reached from each case. Q. Identification of material facts on regard to each case