Michael owns a business and purchased $450,000 worth of office furniture on July 15, 2015. Later that year, on November 20, 2015, he bought $170,000 of used computer equipment. If Michael elects Section 179, what is the maximum write-off he can claim for these purchases in 2015?
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- What is the maximum write off for these purchase for 2014 ?On July 15, 2018, H.P. purchases a personal computer for his home. The computer cost $4,000. H.P. uses the computer 60 percent of the time in his business, 15 percent of the time for managing his investments and the remaining 25 percent of the time for various personal uses. Calculate H.P.'s maximum depreciation deduction for 2018 for the computer, assuming he does not make the election to expense or take bonus depreciation.On July 1, 2017, Brent purchases a new automobile for $49,000. He uses the car 88% for business and drives the car as follows: 7,000 miles in 2017, 17,500 miles in 2018, 19,600 miles in 2019, and 14,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: $fill in the blank 5d0ce403cfe2029_1 2018: $fill in the blank 5d0ce403cfe2029_2 2019: $fill in the blank 5d0ce403cfe2029_3 2020: $fill in the blank 5d0ce403cfe2029_4 Brent's adjusted basis in the auto on January 1, 2021, is $fill in the blank 5d0ce403cfe2029_5. b. Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is…
- On July 1, 2017, Brent purchases a new automobile for $59,500. He uses the car 88% for business and drives the car as follows: 11,500 miles in 2017, 28,750 miles in 2018, 32,200 miles in 2019, and 23,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: S 2018: S_ 2019: S 2020: $_ Brent's adjusted basis in the auto on January 1, 2021, is $_ b. Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2017 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his…In 2018, José purchased a house for $263,000. He used the house as his personal residence. In May 2021, when the fair market value of the house was $346,900, he converted the house to rental property. what is the cost recovery for 2021?On July 1, 2020, Brent purchases a new automobile for $40,000. He uses the car 86% for business and drives the car for business purposes as follows: 7,000 miles in 2020, 17,500 miles in 2021, 19,600 miles in 2022, and 14,000 miles in 2023. Determine Brent's basis in the business portion of the auto as of January 1, 2024, under the following assumptions: If required, round your computations to the nearest dollar. Question Content Area a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2020: 1890 2021: 4550 2022: 5096 2023: 3920 Brent's adjusted basis in the auto on January 1, 2024, is $18944 Feedback Area Feedback A taxpayer has two choices in determining automobile expenses: the automatic mileage method and the actual cost method. A basis adjustment is required if the taxpayer changes from the automatic mileage method to the actual operating cost method. The…
- On July 1, 2018, Brent purchases a new automobile for $46,000. He uses the car 82% for business and drives the car for business purposes as follows: 8,000 miles in 2018, 20,000 miles in 2019, 22,400 miles in 2020, and 16,000 miles in 2021. Determine Brent's basis in the business portion of the auto as of January 1, 2022, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2018: S 2019: S 2020: $ 2021: 2,000 Landhadh 5,200 6,048 4,160 Brent's adjusted basis in the auto on January 1, 2022, is s 17,408 XOn July 1, 2016, Rex purchases a new automobile for $43,000. He uses the car 84% for business and drives the car as follows: 12,000 miles in 2016, 30,000 miles in 2017, 33,600 miles in 2018, and 24,000 miles in 2019. Determine Rex's basis in the business portion of the auto as of January 1, 2020, under the following assumptions: If required, round your computations to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2016: $ 2017: $ 2018: $ 2019: $ Rex's adjusted basis in the auto on January 1, 2020, is $ b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2016 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his…Hello, I need help solving this accounting problem.
- am. 329.On July 1, 2015, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2015, 19,000 miles in 2016, 20,000 miles in 2017, and 15,000 miles in 2018. Determine Rex's basis in the business portion of the auto as of January 1, 2019, under the following assumptions: If required, round answers to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2015: $fill in the blank 7c768af94f81f83_1 2016: $fill in the blank 7c768af94f81f83_2 2017: $fill in the blank 7c768af94f81f83_3 2018: $fill in the blank 7c768af94f81f83_4 Rex's adjusted basis in the auto on January 1, 2019, is $fill in the blank 7c768af94f81f83_5. b. Rex uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery…Can you help me with this problem with step by step explanation, please? Thank you:)
