PERSONAL FINANCE
PERSONAL FINANCE
5th Edition
ISBN: 9781308498706
Author: Kapoor
Publisher: McGraw Hill
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Chapter 1, Problem 5FPP
Summary Introduction

To determine:

The yearly earnings for a person with $8,000 in savings at an annual interest rate of 2.5 percent.

Introduction:
Interest refers to the amount which is received or charged on the investment or on borrowed fund. It is the amount of earning or charge on the invested or borrowed funds for utilizing the funds and for consideration of time value of money.

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Assume that Timberline Corporation has 2024 taxable income of $240,000 for purposes of computing the §179 expense. It acquired the following assets in 2024: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 550,000 Computer equipment (5-year) February 28 90,000 Copier (5-year) July 15 30,000 Machinery (7-year) May 22 580,000 Total   $ 1,250,000     b. What would Timberline's maximum depreciation deduction be for 2024 assuming no bonus depreciation?
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 $ 70,000 Computer equipment February 3 10,000 Delivery truck*Footnote asterisk March 17 23,000 Furniture April 22 150,000 Total   $ 253,000 *Footnote asteriskThe 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.   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?
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