Frazier LLC placed in service on June 19, 2021 computer equipment (5-year property) with a basis of $2,740,000. Assume that Frazier has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including § 179 expensing (but ignoring
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- LO.4, 7 In December 2019, Carl Corporation sold land it held as an investment. The corporation received 50,000 in 2019 and a note payable (with adequate interest) for 150,000 to be paid in 2021. Carl Corporations cost of the land was 80,000. The corporation has a 90,000 net capital loss carryover that will expire in 2019. Should Carl Corporation report the sale in 2019 or use the installment method to report the income as payments are received?Crouch LLC placed in service on May 19, 2021, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has 16 sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.) Multiple Choice $457,280 $470,000 $860,117 $1,050,000Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,470,500 on June 6, 2021. 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.) (Round final answer to the nearest whole number.) Multiple Choice $1,050,000 $498,864 $467,426 $666,926 None of the choices are correct.
- Lenter LLC placed in service on April 29, 2023, machinery and equipment (seven-year property) with a basis of $1,600,000. Assume that Lenter has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus expensing). (Use MACRS Table 1.) Multiple Choice O $228,640 O $1,080,000 $1,160,000 $1,222,876 O None of the choices are correct.Crouch LLC placed in service on May 19, 2021, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.) Multiple Choice $457,280 $470,000 $860,117 $1,050,000 None of the choices are correct.Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitable organization that operates homeless shelters. X
- 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): $_______________________A. ACQUISITION COSTS Mr. Ardi acquired land at a cost of Rp4.200.000.000 on April 1, 2019. In addition to this cost, he had to pay the following expenses: a. Commission fee, 2% from the land price, Rp84,000,000 b. Land acquisition tax Rp12,000,000 c. Removal cost of old (unused) building Rp20.500.000. Mr. Ardi received Rp17.000.000 from the sales of salvage materials. d. Rpl10.000.000 to build a fence e. Rp215.000.000 to build a parking lot Instructions: Prepare the journal entries for the above transaction! (4%)Arlington LLC purchased an automobile for $76,000 on July 5, 2021. What is Arlington's depreciation deduction for 2021 if its business-use percentage is 76 percent? (lgnore any possible bonus depreciation.) (Use Exhibit 10-10.) Multiple Choice $5,825 $7,600 $7,676 $11,400 None of the choices are correct.
- Q.1 On May 5, 2021, Javier Sanchez purchased and placed in service a new 7-year class asset costing $460,400 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). Rather than using bonus depreciation, Javier would like to use § 179 to expense $200,000 of this asset and then use regular MACRS to cost recover the remaining cost. During 2021, his business generated a net income of $552,480 before any § 179 immediate expense election. If required round your intermediate computations and final answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Determine the cost recovery deductions (including first-year additional depreciation) that Javier Sanchez can claim with respect to this asset in 2021 and 2022Required information [The following information applies to the questions displayed below] Assume that Timberline Corporation has 2023 taxable income of $278,000 for purposes of computing the $179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2. Table 3. Table 4. and Table 5.) Furniture (7-year) Asset Purchase Date December 1 Basis $ 532,000 Computer equipment (5-year) February 28 Copier (5-year) Machinery (7-year) July 15 May 22 128,000 68,000 522,000 Total $ 1,250,000 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? a-1. Maximum §179 expense a-2. Maximum $179 carryforward to 2023Lenter LLC placed in service on April 29, 2022 machinery and equipment (7-year property) with a basis of $600,000. Assume that Lenter has sufficient Income to avoid any limitations. Calculate the maximum depreciation expense Including section 179 expensing (but Ignoring bonus expensing). Using the 2022 §179 limits. $600,000 $150,000 $120,000 $85,740
