At the beginning of its 2023 tax year, Hiram owned the following business assets:FurnitureEquipmentMachineryDepreciationConventionDate Placed inServiceAccumulatedInitial Cost DepreciationRecoveryPeriod6/19/20215/2/20209/30/2020$54,75082,50075,000$21,2327-yearHalf-year58,7405-yearHalf-year53,4005-yearHalf-yearOn July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $598,000; these tools arethree-year recovery property. These were Hiram's only capital transactions for the year.Required:Compute Hiram's maximum cost recovery deduction for 2023. In making your computation, assume that taxable income beforedepreciation exceeds $1,090,000. Use Table 7-2.Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollaramount.FurnitureEquipmentMachineryTotal MACRS DepreciationSection 179/bonus on new toolsMaximum 2023 cost recovery deduction2023 MACRSDepreciation

To compute Hiram's maximum cost recovery deduction for 2023, we'll follow these steps:Calculate the…

Answered: At the beginning of its 2023 tax year,…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 8DQ

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Chaz Corporation has taxable income in 2023 of $1,312,450 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Office furniture September 12 Computer equipment February 10 Delivery truck August 21 Qualified real property (MACRS, 15 year, 150% DB) September 30 Total Basis $ 798,000 948,000 86,000 1,517,000 $ 3,349,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. J'ai besoin d'aide
Chaz Corporation has taxable income in 2022 of $315,400 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Basis Office furniture September 12 $ 814,000 Computer equipment February 10 964,000 Delivery truck August 21 102,000 Qualified real property (MACRS, 15 year, 150% DB) September 30 1,533,000 Total $ 3,413,000 What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Table 1: Table 2: TABLE 3 Residential Rental Property Mid-Month Convention Straight Line—27.5 Years Month Property Placed in Service Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Year 1 3.485% 3.182% 2.879% 2.576% 2.273% 1.970% 1.667% 1.364% 1.061% 0.758% 0.455%…
Chaz Corporation has taxable income in 2022 of $316,200 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Basis Office furniture September 12 $ 822,000 Computer equipment February 10 972,000 Delivery truck August 21 110,000 Qualified real property (MACRS, 15 year, 150% DB) September 30 1,541,000 Total $ 3,445,000 What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Chaz Corporation has taxable income in 2023 of $1,312,450 for purposes of computing the $179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Maximum total depreciation deduction What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Basis $ 798,000 948,000 86,000 1,517,000 $ 3,349,000 $3,349,000 X
Chaz Corporation has taxable income in 2023 of $1,313,000 for purposes of computing the $179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Placed in Service September 12 February 10 August 21 September 30 Basis $ 820,000 970,000 108,000 1,539,000 Total $ 3,437,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3. Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Answer is complete but not entirely correct. Maximum total depreciation deduction $ 3,437,000
At the beginning of its 2023 tax year, Hiram owned the following business assets: Date Placed in Service 6/19/2021 5/2/2020 9/30/2020 Furniture Equipment Machinery Initial Cost $30,750 70,000 58,000 Furniture Equipment Machinery Total MACRS Depreciation Section 179/bonus on new tools Maximum 2023 cost recovery deduction Answer is complete but not entirely correct. 2023 MACRS Depreciation On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $589,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. $ Required: Compute Hiram's maximum cost recovery deduction for 2023. In making your computation, assume that taxable income before depreciation exceeds $2,000,000. Use Table 7-2. Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dolla amount. $ Accumulated Depreciation $11,925 49,840 41,296 $ 5,378 4,032 6,682…
Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the following assets during the year: Assume CARES Act applies. Placed in Asset Service Basis September 12 February 10 August 21 Office furniture $ Computer equipment Delivery truck Qualified improvement 691,000 934,000 67,000 September 30 1,535,000 property Total $ 3,227,000 What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction $ 2,103,479
Chaz Corporation has taxable income in 2022 of $312,600 for purposes of computing the $179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Maximum total depreciation deduction What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Basis $ 786,000 936,000 74,000 1,505,000 $ 3,301,000 =
Compute MV Corporation's 2022 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-7. Required: Gross profit from inventory sales of $500,000 (no book-tax differences). Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributing corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences). NOL carryover from 2021 of $10,000. Cash charitable contribution of $120,000. Complete this question by entering your answers in the tabs below. Required A Required B Compute MV Corporation's 2022 taxable income given the following information relating to its year 1 activities. Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Description…
Zeno, Incorporated sold two capital assets in 2022. The first sale resulted in a$53,000 capital loss, and the second sale resulted in a $25,600 capital gain. Zenowas incorporated in 2018, and its tax records provide the following information:2018 2019 2020 2021Ordinary income $ 443,000 $ 509,700 $ 810,300 $ 921,Net capital gain 22,000 0 4,120 13,Taxable income $ 465,000 $ 509,700 $ 814,420 $ 934,Required:a.Compute Zeno’s tax refund from the carryback of its 2022 nondeductible capitalloss. Zeno’s marginal tax rate was 21 percent for each prior year.b. Compute Zeno’s capital loss carryforward into 2023.
Zeno, Incorporated sold two capital assets in 2022. The first sale resulted in a$53,000 capital loss, and the second sale resulted in a $25,600 capital gain. Zenowas incorporated in 2018, and its tax records provide the following information:2018 2019 2020 2021Ordinary income $ 443,000 $ 509,700 $ 810,300 $ 921,Net capital gain 22,000 0 4,120 13,Taxable income $ 465,000 $ 509,700 $ 814,420 $ 934,Required:a Compute Zeno’s tax refund from the carryback of its 2022 nondeductible capitalloss. Zeno’s marginal tax rate was 21 percent for each prior year.b. Compute Zeno’s capital loss carryforward into 2023.
Chaz Corporation has taxable income in 2021 of $315,000 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Basis Office furniture September 12 $ 810,000 Computer equipment February 10 960,000 Delivery truck August 21 98,000 Qualified improvement property September 30 1,529,000 Total $ 3,397,000 What is the maximum total depreciation deduction that Chaz may deduct in 2021? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

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