What are Henderson's depreciation deductions for 2024 and 2025 in each of the following situations if this is the only property it places into service in those years? a. Henderson does not elect Sec. 179 expensing and elects out of bonus depreciation for the machine. b. Henderson elects Sec. 179 expensing for the assets (to maximize its total 2024 depreciation deduction) and does not elect out of bonus depreciation. Henderson Corporation uses the calendar year as its tax year. It acquires and places into service two depreciable assets during 2024: • Asset #1: 7-year property; $940,000 cost; placed into service on January 20. Asset #2: 5-year property; $410,000 cost; placed into service on August 1. View the MACRS half-year convention rates. Read the requirements. Calculate Henderson's depreciation deductions for 2024. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2024 Depreciation Asset #1 Asset #2 Total depreciation 134,326 82,000 216,326 Calculate Henderson's depreciation deductions for 2025. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2025 Depreciation Asset #1 Asset #2 Total depreciation 230,206 131,200 361,406 b. What are Henderson's depreciation deductions for 2024 and 2025 if this is the only property it places into service in those years and Henderson elects Sec. 179 expensing for the assets (to maximize its total 2024 depreciation deduction) and does not elect out of bonus depreciation? (Assume that Henderson takes the Sec. 179 deduction on Asset #1 first. Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" no depreciation is taken.) Begin by determining Henderson's depreciation deduction for 2024 if it elects Sec. 179 expensing and does not elect out of bonus depreciation for the assets. Sec. 179 expense Bonus depreciation MACRS depreciation Total depreciation Asset #1 Asset #2 Total 2024 Activate Windows

What are Henderson's depreciation deductions for 2024 and 2025 in each of the following situations if this is the only property it places into service in those years? a. Henderson does not elect Sec. 179 expensing and elects out of bonus depreciation for the machine. b. Henderson elects Sec. 179 expensing for the assets (to maximize its total 2024 depreciation deduction) and does not elect out of bonus depreciation. Henderson Corporation uses the calendar year as its tax year. It acquires and places into service two depreciable assets during 2024: • Asset #1: 7-year property; $940,000 cost; placed into service on January 20. Asset #2: 5-year property; $410,000 cost; placed into service on August 1. View the MACRS half-year convention rates. Read the requirements. Calculate Henderson's depreciation deductions for 2024. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2024 Depreciation Asset #1 Asset #2 Total depreciation 134,326 82,000 216,326 Calculate Henderson's depreciation deductions for 2025. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2025 Depreciation Asset #1 Asset #2 Total depreciation 230,206 131,200 361,406 b. What are Henderson's depreciation deductions for 2024 and 2025 if this is the only property it places into service in those years and Henderson elects Sec. 179 expensing for the assets (to maximize its total 2024 depreciation deduction) and does not elect out of bonus depreciation? (Assume that Henderson takes the Sec. 179 deduction on Asset #1 first. Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" no depreciation is taken.) Begin by determining Henderson's depreciation deduction for 2024 if it elects Sec. 179 expensing and does not elect out of bonus depreciation for the assets. Sec. 179 expense Bonus depreciation MACRS depreciation Total depreciation Asset #1 Asset #2 Total 2024 Activate Windows

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 1BD

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