Tax Drill - Section 179 For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2020. The taxable income of the business for the $5,600 before consideration of any 5 179 deduction. If an amount is zero, enter "0". a. McKenzie's 5 179 expense deduction is $ for 2020. His 5 179 carryover to 2021 is $ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment? McKenzie's 5 179 expense deduction is s for 2020. His 5 179 carryover to 2021 is $

Tax Drill - Section 179 For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2020. The taxable income of the business for the $5,600 before consideration of any 5 179 deduction. If an amount is zero, enter "0". a. McKenzie's 5 179 expense deduction is $ for 2020. His 5 179 carryover to 2021 is $ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment? McKenzie's 5 179 expense deduction is s for 2020. His 5 179 carryover to 2021 is $

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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Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount
D1. A taxpayer (65 years old) sold a holiday home in the previous year of assessment. The taxpayer does not buy and sell houses regularly. The base cost of the house is R350 000. In terms of the sale agreement the taxpayer received R600 000 on the date of the sale in the previous year of assessment. The sales agreement stipulates that the taxpayer will receive 10% of the net profit generated from the rental of the house in the current year of assessment as the balance of the selling price. On 1 July of the current year of assessment the taxpayer received R50 000 representing the 10% of the net profit. Calculate the taxpayer's taxable capital gain or assessed capital loss for the current year of assessment.
A taxpayer sold machinery for $24,000 on December 31, 2021. The machinery had been purchased on January 2, 2019 for $30,000, with 100% bonus depreciation being used. For 2021, the taxpayer should report O Ordinary income of $24,000 O $30,000 ordinary income O §1231 gain of $6,000 and ordinary income of $24,000 O §1231 gain of $24,000 and ordinary income of $6,000 O $1231 gain of $24,000 D
Manjibhai
Subject : Accounting
During 2023, Khan purchases the following capital assets for use in his catering business: Line Item Description Amount New passenger automobile (September 30) $66,000 Baking equipment (June 30) 10,000 Assume that Khan decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile, and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Khan's maximum depreciation deduction for 2023, assuming he uses the automobile 100 percent in his business.
A taxpayer purchased a light truck for $27,500 in June 2021. He uses the truck 100% business .What is his first year MACRS deduction for the truck if the takes the special depreciation deduction (i.e., bonus depreciation? A. $3,160 B. $5.860 C. $10,200 D. $18,200
Please Solve In 15mins
13.
On April 23, 2019, Bailey purchased an automobile for $25,000. The car is used 80% for business and 20% for personal use. What is the cost recovery deduction for 2019 and 2020 assuming the 100% bonus was taken? (Round answers to the nearest dollar)
1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following data: • Basic Pay- 259,000.00 • Holiday & GT- 50,000.00 • Incentives - 50,000.00 TOTAL 359,000.00 Travel Allowance (to be liquidated) 100,000.00 MANDATORY BENEFITS: . SSS 10,000.00 • PHIC 1,200.00 • HDMI 1,000.00 Total 12,200.00 . COMPUTE THE GROSS COMPENSATION