Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,450,000 on June 6, 2023. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) Note: Round final answer to the nearest whole number. Multiple Choice O $1,160,000 $493,005 $407,265 $1,007,265 None of the choices are correct.

1) Kristine sold one asset on March 20th of 2023. It was a computer with an original basis of $10,000, purchased in May of 2021 and depreciated under the half-year convention. What is Kristine's depreciation deduction for 2023? Note: Round final answer to the nearest whole number. Blank] Blank 1 Add your answer

Aqua Corporation purchases nonresidential real property on May 8, 2019, for $1,650,000. Straight-line cost recovery is taken in the amount of $165,000 before the property is sold on November 27, 2022, for $2,475,000. Question Content Area a. Compute the amount of Aqua's recognized gain on the sale of the realty $_______________ Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income due to § 291). b. § 1231 gain: $_____________ § 1250 recapture (ordinary income due to § 291): $_______________________

Finance Assume that Tim Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) ASSET PURCHASE DATE BASIS Furniture (7-year) December 1$ 450,000 Computer equipment (5-year) February 28 $90,000 Copier (5-year) July 15 $30,000 Machinery (7-year) May 22 480,000 Total $ 1,050,000 c. What would Tim's maximum depreciation expense deduction be for 2020 if the machinery cost $3,500,000 instead of 480,000 and assuming no bonus depreciation?

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in blasting and removing buildings, purchased and took delivery of a new c E10-8 On January 1, 2020, Murray Demolition, a Hamilton, Ontario, company specializing four years, at which time it should be able to be sold for $60,000. Murray Demoli- $140,000 plus HST on the truck, which is expected to be useful to the business for tion has always used the straight-line basis of calculating amortization. The new uses only the best and newest equipment on their worksites. The business spent truck to add to its growing fleet. Murray Demolition has a high-class reputation and dump owners want to see the amortization schedules for the straight-line, UOP. and D methods just to be sure this makes sense. The business expects the truck to he ful for 200,000 kilometres-60,000 kilometres in Year 1, 50,000 kilometres in eache Years 2 and 3, and 40,000 kilometres in Year 4. Is there a problem with continuing to use the straight-line method?

Salem Company buys a building for $1,000,000 on 1st January 2019. Its estimated useful life in the business is 20 years, after which it will be sold for an estimated residual value of $200,000. Under the Straight-line method of depreciation, Accumulated depreciation at December 31, 2020 will be Multiple Choice O $40,000 $80,000 $200,000

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