Bev bought a small mom and pop grocery store. The sale was completed and Bev obtained ownership on July 1, 2021. The total cost of the store was $500,000. Of this $100,000 was allocated to Goodwill and $120,000 was allocated to a Covenant Not to Compete the sellers agreed to. The remaining cost was allocated to the building and inventory. Calculate Bev's Section 197 intangibles and the amortization she can claim for 2021.
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- Alice purchases a rental house on August 22,2019, for a cost of $174,000. Of this amount, $100,000 is considered to be allocable to the cost of the home, with the remaining $74,000 allocable to the cost of the land. What is Alice's maximum depreciation deduction for 2019 using MACRS? $2,373 $1,970 $1,364 $1,061 $1,009On February 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $209,000. Holly also owns another residential apartment building that she purchased on July 15, 2020, with a cost basis of $384,200. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS.Grayson purchased his primary residence for $260,000 as part of the closing procedure. He paid $2900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey. In $1200 for title insurance, he also gave the real estate agent $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Is it $260,000 or $261,200 or 262,200? or $263,000.
- After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $360,000. Ingrid allocated $60,000 of the purchase price to goodwill. Ingrid’s business reports its taxable income on a calendar-year basis. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3? Deductible Amortization Expense Year 1 Year 2 Year 3 b. In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $15,000. How much amortization expense on the phone list can Ingrid deduct in year 1, year 2, and year 3? Phone List Year 1 Amortization Expense Year 2 Amortization Expense Year 3 Amortization ExpenseIn 2021, LM distributes an office building to Laura. At the time of this distribution, the office building had a FMV of $500,000 and an adjusted basis of $100,000. At the time of the distribution, the Laura's outside basis was $400,000. How much (if any) gain or loss must Laura recognize from this distribution?Angela purchased a rental property on August 1, 2021, for $172,400. She hired an architect to draw up remodeling plans, and then spent 55 hours doing the actual demolition and construction herself. Which of the following expenses affect her adjusted basis? Mortgage insurance premiums of $1,150, included at closing. $275 in appraisal fees paid at closing and required by her lender. The fair market value of remodeling labor done by Angela. [$35/hour x 55 hours = $1,925] Fees charged by the architect, totaling $975. Philip purchased a small apartment complex in 2021. He paid $375,000 for it; there was no specified value for the land in the contract. The most recent real estate assessment had the property valued at $350,000, of which $308,000 was for the building and $42,000 for the land.Assuming no other expenses, what is Philip's basis in the apartment building? $308,000 $330,000 $350,000 $375,000 please help me
- On April 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $199,000. Holly also owns another residential apartment building that she purchased on April 15, 2020, with a cost basis of $516,000. Click here to access the depreciation tables. If required, round intermediate calculations and final answers to nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS. $ b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS. $After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $312,000. Ingrid allocated $52,000 of the purchase price to goodwill. Ingrid’s business reports its taxable income on a calendar-year basis. a. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3?In May 2021, Cassie acquired a machine for $30,000 to use in her business. The machine is classified as 5-year property. Cassie does not expense the property under Sec. 179 or bonus depreciation. Cassie's depreciation on the machine for 2021 is A) $3,000. B) $6,000. C) $12,000. D) $15,000.
- Reva originally sold her principal residence in an installment sale for 150000. Her adjusted basis in the home was 110000. at that time. Three years later, she repossessed the home from the buyer whan the balance of the note was 135000. She resold it within one year for 160000. Original sale expenseses were 3750, and resale expenses were 4000. Repossession cost were 3800. She incurred 3200 for improvements prior to the resale. What is Reva's basis in the repossessed propertyH3. Grayson purchased his primary residence for $260,000. As part of the closing procedure, he paid $2,900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey, and $1,200 for title insurance. He also gave the real estate agent a $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Please show proper step by step calculationOn September 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $197,400. Holly also owns another residential apartment building that she purchased on March 15, 2020, with a cost basis of $157,500. Click here to access the depreciation tables. If required, round intermediate calculations and final answers to nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS. b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS.