E AA A Bhibit 8.6 Alternative Minimum Tax: 150% Declining-Balance AssumingHalf-Year Convention (Percentage Rates)For Property Placed in Service after December 31, 1986 (Partial Table*)RecoveryYear3-Year150%5-Year150%7-Year150%9.5-Year150%10-Year12-Year150%150%125.0015.0010.7137.507.897.506.2525.5019.1314.5425.00**13.8811.7217.8515.03412.2511.7910.2512.5016.66**12.25**510.3110.028.9716.6612.259.17**6.8.74**7.858.3312.259.178.747.33**712.259.178.747.338.6.139.178.747.339.9.178.747.33109.168.747.33114.377.32127.33133.668:4559°F Partly sunny2/20/2hp ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3falsessetеВookExercise 8-19 (Algorithmic) (LO. 2)Euclid acquires a 7-year class asset on May 9, 2020, for $96,600 (the only asset acquired during the year). Euclid does not elect immediateexpensing under 5 179. He does not claim any available additional first-year depreciation.Click here to access the depreciation table to use for this problem.If required, round your answers to the nearest dollar.Calculate Euclid's cost recovery deduction for 2020 and 2021.2020: $2021:Check My WorkNext59°F Partly sunny7:32 PM2/20/202

Cost Recovery Deduction: When a company uses depreciation, amortisation, or depletion to reduce the…

Euclid acquires a 7-year class asset on May 9, 2020, for $96,600 (the only asset acquired during the year). Euclid does not elect immediate expensing under 5 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2020 and 2021. 2020: $ 2021: $

Euclid acquires a 7-year class asset on May 9, 2020, for $96,600 (the only asset acquired during the year). Euclid does not elect immediate expensing under 5 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2020 and 2021. 2020: $ 2021: $

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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On June 1, 2020, Irene places in service a new automobile that cost $45,000. The car is used 70% for business and 30% for personal use. (Assume this percentage is maintained for the life of the car). She does not take additional first-year depreciation but instead uses the 5-year (200% DB). Determine the cost recovery deduction for 2020 and 2021.
On February 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $209,000. Holly also owns another residential apartment building that she purchased on July 15, 2020, with a cost basis of $384,200. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS.
Arlington LLC purchased an automobile (5-year property) for $74,000 on July 5, 2020. What is Arlington's depreciation deduction for 2020 if its business-use percentage is 73 percent? (Ignore any possible bonus depreciation.)
am. 107.
On November 23, 2023, Hamlet acquires and places in service a 7-year class asset with a cost of $491,400 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first-year (bonus) depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction for 2023 and 2024. 2023: $ X 2024: $
Zaki LLC purchased computer equipment (five-year property) on April 20, 2018, for $36,000 and used the half-year convention to depreciate it. Zaki did not take Section 179 or bonus depreciation in the year it acquired the furniture. In 2021, which is the fourth year Zaki LLC owned the property, the property was disposed of on November 10. What is Zaki's depreciation expense for 2021? MACRS tables.pdf O $518. O $2,074. O $2,248. O $4,147.
Tonia acquires the following 5-year class property in 2019: Asset Date of Acquisition Cost X January 15 $ 70,000 Y May 28 45,000 Z November 23 90,000 Total $ 205,000 Tonia does not elect §179 or bonus depreciation. Tonia has $300,000 of taxable income from her business. Determine her total cost recovery deduction for the year.
Nancy purchased new business computers (5-year property) in January for a total of $1,300,000. She plans to take advantage of §179 expensing and MACRS depreciation (but not first year additional depreciation). What is the total amount of her depreciation deduction?
On April 5, 2023, Kinsey places in service a new automobile that cost $67,250. He does not elect § 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 70% for business and 30% for personal use in each tax year. Kinsey uses the regular MACRS method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 7,070 X 2023: 2024: $ $ 11,270 X