David decided to give Blake a machine for use in Blake’s business. David originally paid $38,000 for the machine. David took $9,500 in depreciation on the machine before giving it to Blake. The FMV at the time of the gift was $40,000. Blake paid $250 to ship the machine to his location. What is Blake’s depreciable basis for the machine?
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David decided to give Blake a machine for use in Blake’s business. David originally paid $38,000 for the machine. David took $9,500 in depreciation on the machine before giving it to Blake. The FMV at the time of the gift was $40,000. Blake paid $250 to ship the machine to his location. What is Blake’s depreciable basis for the machine?
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- Terry purchased a machine for $15,000; the seller is holding the note. Terry paid $2,500 for the required wiring and installation. Terry has deducted depreciation on the machine for 3 years totaling $4,500. Terry owes $5,000 to the Seller. What is Terry’s adjusted basis in the machine? Group of answer choicesGiven the situations below, which item still has the same basis as when it was purchased? Bob sold his rental property after claiming depreciation. Ebenezer's's father gifted him a car that cost him $25,000. The FMV on the date of the gift was $15,000. Ebenezer sold the car at a loss. Liz Marley acquired a rare stamp as a bequest when her father passed away. A coin is now worth double what Tim paid for it. a. Bob's rental property. b. Ebenezer's car. c. Liz's stamp. d. Tim's coin. For the "kiddie tax" rule to apply, the child must a. Have at least one living parent. b. Not have attained age 23 in the tax year.Last year, Jose and Josefina Munoz bought a home with a dwelling replacement value of $250,000 and insured it (via an HO-5 policy) for $225,000. The policy reimburses actual cash value and has a $500 deductible, standard limits for coverage C items, and no scheduled property. Recently, burglars broke into the house and stole a new computer with a current replacement value of $1,500 and an estimated useful life of three years. They also took jewelry valued at $2,500 and a coin collection valued at $1,500. If the Munozs’ policy has a 90 percent co-insurance clause, do they have enough insurance? Assuming a 50 percent coverage C limit, calculate how much the Munoz family would receive if they filed a claim for the stolen items. What advice would you give the Munoz family about their homeowner’s coverage?
- Elena purchased a living room set for $3,500. Elena’s home and the contents were destroyed by a fire. At the time of the loss, the living room set was worth $2,100 due to depreciation. Comparable replacement furniture will cost $4,000. If the living room set was insured on an actual cash value basis, how much will Elena collect for this loss? Assume a $250 deductible applies to the loss settlement.In janaruary, Prahbu purchased a new machine for use in the existing production line of his manufacturing business for $90,000. Assume that the machine is a unit of property and is not a material or supply. Prahbu pays $2,500 to install the machine, and after the machine is installed, he pays $1,300 to perform a critical test on the machine to ensure that it will operate in accordance with quality standards. On November 1, the critical test is complete and prahbu places the machine in service on the production line. On December 3, prahbu pays another $3,300 to perform periodic qaulity testing after the machine is placed in service. . How much will prahbu be required to capitalize as the cost of the machine.?Emily purchased a building to store inventory for her business. The purchase price was $760,000. Beyond this, Emily incurred the following necessary expenses to get the building ready for use: $10,000 to repair the roof as routine maintenance (did not improve or prolong the life of the asset), $6,000 to make the interior suitable for her finished goods, and $400 in legal fees. What is Emily’s cost basis in the new building? Meg O’Brien received a gift of some small-scale jewelry manufacturing equipment that her father had used for personal purposes for many years. Her father originally purchased the equipment for $1,700. Because the equipment is out of production and no longer available, the property is currently worth $4,000. Meg has decided to begin a new jewelry manufacturing trade or business. What is her depreciable basis for depreciating the equipment?
- taxpayer purchased a building for $250,000 for his business. Before beginning to use the property in operations, the Taxpayer replaced the old air conditioning system with a new one at a cost of $25,000. In addition, he removed the doors and windows and installed new doors and windows at a cost of $40,000. Similarly, he hired a landscape gardener who changed the green areas around the building with an investment of $3,000. Ultimately, the building was painted at a cost of $5,000. Determine the starting base. Select one: a. $315,000 b. $275,000 C. $318,000 d. $323,000In 2018, José purchased a house for $197,400. He used the house as his personal residence. In September 2021, 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 $ b. Under MACRS, the cost recovery period for residential rental real estate is convention. c. The cost recovery for 2021 is $ years, and it is subject to theAdrian contributed an antique vase he had owned for 25 years to a museum. At the time of the donation, the vase had a value of $38,000. The museum displayed this vase in the art gallery. Required: Assume that Adrian’s AGI is $75,500, and his basis in the vase is $18,000. How much may Adrian deduct? How would your answer to Part (a) change if, instead of displaying the vase, the museum sold the vase to an antique dealer?
- Terry purchased a machine for $15,000; the seller is holding the note. Terry paid $2,500 for the required wiring and installation. Terry has deducted depreciation on the machine for 3 years totaling $4,500. Terry owes $5,000 to the Seller. What is Terry’s adjusted basis in the machine? $10,500 $8,000 $13,000 $5,500in the new building? 40. In January, Prahbu purchased for $90,000 a new machine for use in an existing production line of his manufacturing business. Assume that the machine is a unit of property and is not a material or supply. Prahbu pays $2,500 to install the machine, and after the machine is installed, he pays $1,300 to perform a critical test on the machine to ensure that it will operate in accordance with quality standards. On November 1, the critical test is complete, and Prahbu places the machine in service on the production line. On December 3, Prahbu pays another $3,300 to perform periodic quality control testing after the machine is placed in service. How much will Prahbu be required to capitalize as the cost of the machine? Donn 11 LO 2-1 researIvy Gordon's home in Charleston was recently gutted in a fire. Her living and dining rooms were destroyed completely, and the damaged personal property had a replacement price of $36,000. The average age of the damaged personal property was 5 years, and its useful life was estimated to be 13 years. What is the maximum amount the insurance company would pay Ivy, assuming that it reimburses losses on an actual cash-value basis and has a $500 deductible? Assume that the total coverage requirement is met. Do not round intermediate calculations. Round the answer to the nearest cent.