7 a.Se buys a team for experimentation and research for $100,000. The equipment will depreciateusing MACRS. ? In which category of the "MACRS GDS property class" is this asset classified?b. ? How much is the depreciation deduction of the first year?c. CALCULATES the taxable income for the first year, if the company generated in income $400,000 for the concept of the equipment. The company has ordinary expenses of $10,000 anddepreciation expenses as calculated in part b.d. how much is the combined federal and state tax for a state where the state tax is 8%.e. CALCULATES how much the company has to pay in combined federal and state taxes at theend of the first year. The state incremental tax is 8%.f.CALCULATES how much is the surplus income of the first year, after paying taxes (after taxincome).Fill the whites:a.Property class:b. The depreciation deduction is: $c. Taxable Income = $. d. Combined Federal and State Tax% (totwo decimal places). and. Taxes payable = $. f. Income after tax = $

Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

a.Se buys a team for experimentation and research for $100,000. The equipment will depreciate using MACRS. ? In which category of the "MACRS GDS property class" is this asset classified? b. ? How much is the depreciation deduction of the first year? c. CALCULATES the taxable income for the first year, if the company generated in income $ 400,000 for the concept of the equipment. The company has ordinary expenses of $10,000 and depreciation expenses as calculated in part b.

a.Se buys a team for experimentation and research for $100,000. The equipment will depreciate using MACRS. ? In which category of the "MACRS GDS property class" is this asset classified? b. ? How much is the depreciation deduction of the first year? c. CALCULATES the taxable income for the first year, if the company generated in income $ 400,000 for the concept of the equipment. The company has ordinary expenses of $10,000 and depreciation expenses as calculated in part b.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 44P

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