Personal Finance
7th Edition
ISBN: 9780134989969
Author: Madura, Jeff
Publisher: Pearson,
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Chapter 3, Problem 16RQ
Summary Introduction
Introduction:
To find: The number of periods used for determining the
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Woolard Supplies (a sole proprietorship) has taxable income in 2024 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.)
Asset
Placed In Service
Basis
Office furniture (used)
March 20
$ 1,400,000
If Woolard elects the maximum amount of §179 for the year, what is the amount of deductible §179 expense for the year? What is the total depreciation that Woolard may deduct in 2024? What is Woolard's §179 carryforward amount to next year, if any?
Nina (age 40) contributes 10 percent of her $100,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer contributions) in the account until the full account balance is distributed when she retires in 25 years, what is Nina's after-tax accumulation from her current year contribution to her 401(k) account?
Assuming Nina's marginal tax rate at retirement is 20 percent, what are her after tax proceeds from distribution?
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Chapter 3 Solutions
Personal Finance
Ch. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQ
Ch. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Prob. 15RQCh. 3 - Prob. 16RQCh. 3 - Prob. 17RQCh. 3 - Prob. 18RQCh. 3 - Prob. 19RQCh. 3 - Prob. 20RQCh. 3 - Prob. 1FPPCh. 3 - Prob. 2FPPCh. 3 - Prob. 3FPPCh. 3 - Prob. 4FPPCh. 3 - Prob. 5FPPCh. 3 - Prob. 6FPPCh. 3 - Prob. 7FPPCh. 3 - Prob. 8FPPCh. 3 - Prob. 9FPPCh. 3 - Prob. 10FPPCh. 3 - Prob. 11FPPCh. 3 - Prob. 12FPPCh. 3 - Prob. 13FPPCh. 3 - Prob. 14FPPCh. 3 - Prob. 15FPPCh. 3 - Prob. 16FPPCh. 3 - Prob. 17FPPCh. 3 - Prob. 18FPPCh. 3 - Prob. 19FPPCh. 3 - Prob. 20FPPCh. 3 - Prob. 1FPOE
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