Problem 10-42 (LO 10-1) (Algo)Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during lawschool (several years ago) that she is planning to use in her business.AssetComputerPrinterDeskFile cabinetAssetPurchasePrice$7,8005,6006,5005,500ComputerPrinterDeskFile cabinetFMV at TimeConverted toBusiness UseUsing the above information, what is the depreciable basis that Brittany should use in her business for each asset?$ 6,1005,4506,3005,525Depreciable Basis

Depreciable basisWhen the assets are being converted from personal use to business use, the assets…

Answered: Problem 10-42 (LO 10-1) (Algo) Brittany…

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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Question 43 of 50. During the year, Ava purchased a building for her business, Ava's Dress Shop. The cost of the building, not including the land value, will be deducted: The first year it is acquired. The year after it is acquired. Over a period of years, rather than all at once. When it is no longer used in business. Mark for follow up
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Amelia’s business goes bankrupt this year. To close her business, Amelia starts by selling off her business assets. Below are the asset disposition transactions: Assets Purchased Date Cost Sold date Sold price Delivery car 5/1/23 30k 12/31/23 25k Furniture 3/20/20 40k 12/31/23 20k Equipment 4/1/20 110k 12/31/23 100k Land 1/1/22 150k 12/31/23 180k Assume there is no Section 179 and bonus depreciation. Use MACRS only for depreciation. Show detailed calculation and explanation a) Calculate total accumulated depreciation of each asset until the sold date (12/31/23). b) Calculate the adjusted basis for each asset c) Calculate the gain/loss for each asset d) Point out the exact character of gain/loss for each asset gain/loss (ex: Ordinary, pure 1231, 1245, 1250, etc.) e) Calculate the Net 1231 Gain/Loss Hint: Be aware of 1245 Depreciation recapture and 1231 lookback rules Hint: Review textbook chapter on this. In the year of disposition, under half-year convention, only ½ of MACRS…
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Required information [The following information applies to the questions displayed below.] Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $2,080 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $4,800. During the year, he drove his car a total of 12,600 miles (a combination of business and personal travel). Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. Ryan can provide written documentation of the business purpose for trips totaling 2,520 miles. What business expense amount can Ryan deduct (if any) for these trips? Maximum deductible amount
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Exercise 6-31 (Algorithmic) (LO. 3) Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2023. Stanford incurred the following expenses: Total investigation costs related to the restaurant Total investigation costs related to the bakery $31,750 51,600 If required, round any division to two decimal places and use in subsequent computation. Round your final answer to the nearest dollar. What is the maximum amount Stanford can deduct in 2023 for investigation expenses?
am.104.

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