At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired 3/23 5/12 9/17 10/11 10/11 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Commercial building Land (one acre) Total - What is Poplock's year 2 depreciation deduction for each asset? $ Cost Basis $9,000 11,000 10,000 Depreciation Deduction 310,000 120,000 0

At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired 3/23 5/12 9/17 10/11 10/11 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Commercial building Land (one acre) Total - What is Poplock's year 2 depreciation deduction for each asset? $ Cost Basis $9,000 11,000 10,000 Depreciation Deduction 310,000 120,000 0

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 11P

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At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Problem 10-46 Part a (Algo) Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247…
a. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total (9 $ (9) (9 $ $ Depreciation Deduction 1,840 1,600 2,000 5,440
At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 3/23 $ 5,800 Dog-grooming furniture 5/12 7,800 Pickup truck 9/17 10,000 Commercial building Land (one acre) 10/11 10/11 278,000 88,000 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 10-46 Part a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Asset Depreciation Deduction Computer equipment 69 $ 2,030 × Dog grooming furniture $ 1,392 × Pickup truck $ 1,500 Commercial building $ 7,128 Land $ 0…
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computers 1/30 $ 55,000 Office desks 2/15 $ 59,000 Machinery 7/25 $ 102,000 Office building 8/13 $ 436,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. What is Anna’s year 1 cost recovery for each asset? b. What is Anna’s year 2 cost recovery for each asset?
At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset?
Line following information applies to the questions displayed below. At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired Cost Basis 3/23 5/12 9/17 10/11 10/11 Assuming Poplock does not elect 5179 expensing and elects not to use bonus depreciation, answer the following. questions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Commercial building Land (one acre) Total What is Poplock's year 1 depreciation deduction for each asset? $ $9,000 11,000 10,000 310,000 120,000 Depreciation Deduction
At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computer equipment 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. b. What is Poplock's year 2 depreciation deduction for each asset?
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 1/30 Computers Office desks 2/15 7/25 Machinery Office building 8/13 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Anna's year 2 cost recovery for each asset? Year 2 Asset Cost Recovery Computers $ 20,480 Office desks 16,653 Machinery $ 27,184 Office building Total 75,786 %24
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) 2018 Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 $ Original Basis 102,000 34,000 47,000 190,000 *The delivery truck is not a luxury automobile a. What is the allowable MACRS depreciation on Evergreen's property in the current year assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) b. What would be the allowable MACRS depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation?
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery Office building Asset Asset Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Anna's year 1 cost recovery for each asset? Year 1 Cost Recovery Computers Office desks Date Acquired 1/30 2/15 7/25 8/13 $ $ $ $ $ 56,000 X 4,573 10,718 Machinery Office building Total 75,131 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cost Basis $28,000 $ 32,000 $75,000 $ 400,000 3,840 x At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks…
At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total Date Acquired 3/23 5/12 9/17 Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. GA 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computers 1/30 $ 28,000 Office desks 2/15 $ 32,000 Machinery 7/25 $ 75,000 Office building 8/13 $ 400,000 Assuming Anna does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: What is Anna's year 1 cost recovery for each asset?