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) 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. Asset Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction 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) 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. Asset Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction 0

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 1BD

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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 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 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…
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?
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Required information [The 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) Date Acquired 3/23 5/12 9/17 10/11 10/11 Asset Computer equipment Dog-grooming furnitan Pickup truck Commercial building Land (one acre) Total 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. a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction $ S $ 5 3 Cost Basis $7,000 9,000 18,000 1.572 2.000…
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At the beginning of the current year, Dianne company purchased a tract of land for P6,000,000. The entity incurred additional cost of 1,500,000 durinhg the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: LOT CLASS Number of lots Sales Price per lot A 100 P240,000 B 100 P160,000 C 200 P100,000 If 150 class C lots were sold, How much is the cost of unsold class C lots?
During 2016, Snow Company acquired/received the following assets: Land D acquired for P220,000. In addition, to acquire the land, Snow Company paid a P15,000 commission to a real estate agent. P25,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P5,000 Land J was acquired on September 30, 2016 on which a new building will be immediately constructed. The cost related to the acquisition included the following: Cash payment P1,400,000 Broker’s fee 80,000 Option price paid for the land acquired 120,000 Option price for land that was not acquired 40,000 Delinquent property taxes for 2015 that was assumed and paid by Snow Company…
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
On November 10 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis of the land and the remaining $900,000 was allocated to the basis of the building. a) Assume the building was purchased and placed in service on March 3 instead of November 10. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? b) Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3?c) What would be the depreciation for 2022, 2023, and 2024 if the property were nonresidential property purchased and placed in service November 10, 2005 (assume the same original basis)?