cost depreciation life RS property class ge value A $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $0 B $22,857 $16,327 $11,661 $5,154 $80,000 7 years 7 years $24,000 C $11,429 $19,592 $13,994 $9,996 $0 $7,140 $0 $7,140 $0 $7,140 $0 $3,570 of the depreciation schedules uses the straight-line depreciation method? D $22,8 $16,3 $11,6 $8,33 $6,94 $6,94 $6,94 $0

cost depreciation life RS property class ge value A $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $0 B $22,857 $16,327 $11,661 $5,154 $80,000 7 years 7 years $24,000 C $11,429 $19,592 $13,994 $9,996 $0 $7,140 $0 $7,140 $0 $7,140 $0 $3,570 of the depreciation schedules uses the straight-line depreciation method? D $22,8 $16,3 $11,6 $8,33 $6,94 $6,94 $6,94 $0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate Depreciation under Plan A and Plan B Property Acquisition Date: 2/28/20 5/15/20 10/6/20 All are 7 Year Properties Plan A 250,000 10,000 500,000 760,000 Plan B 600,000 100,000 60,000 760,000
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Problem 10-61 (LO 10-2, LO 10-3) (Algo) I Chaz Corporation has taxable income in 2023 of $1,312,100 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 Basis $ 784,000 934,000 72,000 September 30 1,503,000 $ 3,293,000 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. Maximum total depreciation deduction Assessment Tool iFrame
2022 tax rules
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Problem 14-72 (LO. 7, 8, 9) Siena Industries (a sole proprietorship) sold three § 1231 assets during 2023. Data on these property dispositions are as follows: Accumulated Cost Acquired Depreciation Sold For Sold On Rack $100,000 10/10/19 $62,000 $86,000 10/10/23 Forklift 35,000 10/16/20 23,000 4,000 10/10/23 Bin 87,000 03/12/22 34,000 60,000 10/10/23 Asset If an amount is zero, enter "0". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Total Amount of Amount of § 1245 Recapture Gain or Loss Asset Rack Forklift Bin Siena has loss Feedback ►Check My Work Character of Gain or Loss Ordinary income § 1231 loss Ordinary income X of ordinary income 7,000 X X due to § 1245 recapture and X 0 ✓ 7,000 Balance of Gain or Loss 0 0 X of § 1231 X b. Assuming that Siena has no nonrecaptured net § 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain. 0 ✓
Connect: Cha... 6 Table 9.7 Modified ACRS depreciation allowances Saved Help Save & Exit Submit Property Class Year 3-Year 5-Year 7-Year Check my work 1 33.33% 20.00% 14.29% 2 44.45 32.00 24.49 3 14.81 19.20 17.49 4 7.41 11.52 12.49 An asset used in a four-year project falls in the five-year MACRS class (MACRS schedule) for tax purposes. The asset has an acquisition cost of $7,200,000 and will be sold for $1,620,000 at the end of the project. If the tax rate is 24 percent, what is the aftertax salvage value of the asset? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. 7 5 11.52 8.93 6 5.76 8.92 8.93 8 4.46 Aftertax salvage value
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