Income tax depreciation is governed by the tax statutes while the accounting depreciation is governed by the accounting policies of the respective persons. Give the rationale for this dimension.
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- Concepcion Industries paid $308,000 in federal taxes last year. If business expenses and depreciation charges were $345,000, what were their gross sales for the year?MalMax purchased a depreciable asset. What would be the difference in total assets at the end of the first year if MalMax chooses straight-line depreciation versus double-declining-balance depreciation?How does the tax depreciation method allow the firms to benefit from the tax advantages of depreciating assets more quickly?
- Write note on why depreciation is important in Economic analysisWhich of the following is (are) required to calculate MACRSGDS depreciation deductions? I. Property Class II. Salvage Value III. First Cost IV. Annual Maintenance Costs a. I and III only b. II and III only c. I, II, and III d. I, II, III, and IV.What would be the value of depreciation if Gross domestic capital formation is $33000 and net domestic capital formation is $29,000
- A company purchased new mining equipment in year 2018 by paying $400,000 cash. The company plans to keep the equipment for several years and use MACRS-GDS depreciation for tax purposes. Click the icon to view the partial listing of depreciable assets used in business. Click the icon to view the GDS Recovery Rates (rk). Calculate the depreciation that the company claimed on the asset for year 2 of ownership. A. $48,980 B. $34,980 C. $17,840 D. $69,960 E. $97,960 Calculate the book value of the asset at the end of year 2. ○ A. $365,020 B. $293,860 OC. $209,900 OD. $244,880 O E. $174,920Borsberry Medical has a gross income of $6.7 million for the year. Depreciation and operating expenses total $5.5 million. The combined state and local tax rate is 7.6%. Borsberry’s president hopes to have a total of $2 million left after taxes. What reduction in operating expenses (OE) is necessary to realize this goal if the effective tax rate and depreciation are constant?A manufacturer of aerospace products purchased three flexible assembly cells for $500,000 each. Delivery and insurance charges were $35,000, and installation of the cells cost another $50,000. Solve, a. Determine the cost basis of the three cells. b. What is the class life of the cells? c. What is the MACRS depreciation in year five? d. If the cells are sold to another company for $120,000 each at the end of year six, how much is the recaptured depreciation?