Required information[The following information applies to the questions displayed below.]Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes ofcomputing the §179 expense and acquired several assets during the year. Assume thedelivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2,Table 3, Table 4, and Table 5.)Placed inServiceBasisMachineryAssetComputer equipmentDelivery Truck-usedFurnitureTotalJune 12February 10August 21April 2$ 1,440,00070,00093,000310,000$ 1,913,000b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2023 on theassets it placed in service in 2023?Answer is complete but not entirely correct.Maximum total depreciation deduction (including §179 expense)$ 1,254,242 x

Required information [The following information applies to the questions displayed below.] Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of computing the $179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2. Table 3, Table 4, and Table 5.) Placed in Service Basis Asset Machinery Computer equipment Delivery Truck-used Furniture Total June 12 February 10 $ 1,440,000 70,000 August 21 93,000 April 2 310,000 $ 1,913,000 b. What is the maximum total depreciation (§179, bonus, MACRS) that Sivart may deduct in 2023 on the assets it placed in service in 2023?

Required information [The following information applies to the questions displayed below.] Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of computing the $179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2. Table 3, Table 4, and Table 5.) Placed in Service Basis Asset Machinery Computer equipment Delivery Truck-used Furniture Total June 12 February 10 $ 1,440,000 70,000 August 21 93,000 April 2 310,000 $ 1,913,000 b. What is the maximum total depreciation (§179, bonus, MACRS) that Sivart may deduct in 2023 on the assets it placed in service in 2023?

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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Subject: accounting
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Gadubhi
DLW Corporation acquired and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 2/17 $ 10,000 Furniture 5/12 $ 17,000 Commercial building 11/1 $ 270,000 Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 1/23 of year 3?
Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck* Furniture Total Date Placed in Original Service October 25 Basis $ 70,000 February 3 March 17 April 22 $ 253,000 10,000 23,000 150,000 The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $300,000. b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? MACRS depreciation $ 553,000
Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Date Placed in Service Original Basis Machinery October 25 $ 104,000 Computer equipment February 3 44,000 Delivery truck* March 17 57,000 Furniture April 22 184,000 Total $ 389,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $640,000. b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Note: Round your intermediate calculations to the nearest whole dollar amount. Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 33.33%…
Am. 305.
Assume that ACW Corporation has 2023 taxable income of $1,620,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service 12-September 10-February 21-August 02-April Basis $ 482,000 82,000 105,000 1,392,000 $ 2,061,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. X Answer is complete but not entirely correct. $ $ a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 1,160,000 219,581 X
! Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits (5-year) Commercial building §179 expense Assume its taxable income for the year was $63,000 for purposes of computing the §179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Leave no answer blank. Enter zero if applicable. GA Purchase Date Jan-29 Aug-11 Jun-11 c. If the January drill bits' original basis was $2,885,000, what is the maximum amount of §179 expense Dain's may deduct for the year? $ Original Basis 148,706 $ 91,000 96,000 240,000
Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck Furniture Total Date Placed in Original Service Basis $116,000 October 25 February 3 MACRS depreciation March 17 April 22 56,000 69,000 196,000 $ 437,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $760,000. a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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