On March 15, 2022, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and thevehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.If required, round your answers to the nearest dollar.Click here to access the depreciation table to use for this problem.a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on thevehicle for 2022.Section § 179 expenseMACRS cost recoveryTotal deductionb. What is her total depreciation deduction if Helen decided to take additional first-year depreciation?

The objective of the question is to calculate the total depreciation deduction that Helen can take…

Answered: On March 15, 2022, Helen purchased and…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 47P

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On March 15, 2022, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.If required, round your answers to the nearest dollar.Click here to access the depreciation table to use for this problem.a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the vehicle for 2022.Section § 179 expenseMACRS cost recoveryTotal deduction<b. What is her total depreciation deduction if Helen decided to take additional first-year depreciation?
On March 15, 2023, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the vehicle for 2023. Section 5 179 expense MACRS cost recovery Total deduction 25,900 X 7,400 X 62,000 X b. What is her total depreciation deduction if Helen decided to take additional first-year depreciation? 0 X
On February 1, 2022, Leo purchased and placed in service a new car that cost $71,200. The business use percentage for the car is always 100%. He does not elect § 179 expensing, and does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? b. Is the automobile considered "listed property"? c. Leo's cost recovery deduction in 2022 is $ and for 2023 is $
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On June 1, 2021, Leo purchased and placed in service a new car that cost $69,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2021 is $fill in the blank 3 and for 2022 is $fill in the blank 4.
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On June 8, 2022, Holly purchased a reudentul apartment building The cost has assigned to the building is $650,000. Hally also owns another residential apartment building that she purchased on October 15, 2022, with a cost basis of $400.000 Click here to access the depreciation tables. Round your answers to the nearest dollar. Caleat Holly's total depreciation deduction for the apartments for 2022 using MACKS
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Lopez acquired a building on June 1, 2016, for $1,000,000. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. a. Calculate Lopez's cost recovery deduction for 2021 if the building is classified as residential rental real estate. $4 b. Calculate Lopez's cost recovery deduction for 2021 if the building is classified as nonresidential real estate.
On 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.

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