8. You and your partner purchased an apartment complex that cost $1,000,000 in June of 2010. The complex was sold in December of 2018 for $750,000. What is the depreciation deduction for the last year? b. $34,845 a. $26,133.75
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- Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?7. You and your partner purchased an apartment complex that cost $1,000,000 in June of 2010. You were able to start renting units in July of 2010. The complex was sold in December of 2019 for $750,000. What is the depreciation deduction for the first year? b. $36,370 d. None of these a $19,700 C. $16,67027. Guy bought a new car for $27,000 and kept it for 5 years. The value of thecar after that time was $10,450. What was the rate of depreciation? A. 38.7%B. 61.3%C. 17.3%D. 31.7%
- Don’s Workshop acquired a machine two years ago for $40,000. The depreciation schedule is listed below. Don wants to sell it now to buy a new model of the machine. Don has been offered $20,000 for his old machine. What is the after-tax salvage value? (Assume the tax rate is 20%) MACRS 5-year property $18,944.00 $18,904.80 $19,909.09 $19,840.00 $19,358.88Problem 8-30 (Algorithmic) (LO. 1, 2) In 2020, José purchased a house for $189,900. He used the house as his personal residence. In November 2023, when the fair market value of the house was $315,700, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is $ 189,900 ✔. b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 mid-month years, and it is subject to the ✓ convention. c. The cost recovery for 2023 is $ x.An apartment building was acquired in 2012. The depreciation taken on the building was $236,510, and the building was sold for a $70,953 gain. What is the maximum amount of 25% gain?$fill in the blank 1
- Carlos bought a building for $110,000 in 2017. He added an addition to the building for $26,000 in 2018. In 2021, he sold it for $209,000. What was his long-term capital gain (ignore depreciation)? a.$76,000 b.$73,000 c.$26,000 d.$0 e.$102,000Problem 8-30 (Algorithmic) (LO. 1, 2) In 2019, José purchased a house for $203,200. He used the house as his personal residence. In December 2022, when the fair market value of the house was $265,000, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 mid-month convention. c. The cost recovery for 2022 is years, and it is subject to thePhil Coulson purchased a hotel building on October 11, 2022, for $3,000,000. Determine the cost recovery deduction for 2023. a. $48,150 b. $59,520 c. $69,000 d. $76,920
- 9. Amazing Inc. purchased Class 8 furniture for $4,000 in 2022. In 2023, this furniture was sold for $1,000. Class 8 UCC was $10,300 at the beginning of 2022 and no Class 8 property was purchased during the year. What is the UCC of this class at the end of 2023? A. $1,860 B. $7,440 C. $9,300 D. $8,240 10. Mary carries on business as a sole proprietor that generated $100,000 in net accounting income. Included in this amount are: • $7,000 of amortization expense; •$4,000 for bad debt expense; • $112,000 cost of goods sold; and • $12,000 meals and entertainment with clients. Mary's maximum CCA has been calculated at $10,000 for the year. What is Mary's business income for income tax purposes? A. $113,000 B. $109,000 A) C. $107,000 $103,000 11. Tomas began carrying on a home-based business as a sole proprietor on January 1, 2023. In 2023, he received $40,000 cash for services rendered and paid $33,000 in business expenses. On December 31, 2023 there was an outstanding accounts receivable…An apartment building was acquired in 2013. The depreciation taken on the building was $181,700, and the building was sold for a $54,510 gain. What is the maximum amount of 25% gain? X1. In 2018 you paid $1 million for a new widget-making machine for your widget-making business. Today, having decided that you need a bigger / faster machine, you sold the used 2018 machine for $500,000. Now assume that, for the years 2018, 2019, and 2020 through the date of sale, you have or will have claimed exactly $600,000 of depreciation deductions relat-ed to your $1 million investment in the 2018 machine. What, if any, income will you report based on this sale, and why?
