hich of the following statements is true? O If a taxpayer places a 40% business use automobile in service in 2019, and the taxpayer elects first-year bonus depreciation, then the taxpayer is allowed a deduction for depreciation expense equal to $4,040 O If a taxpayer places a 100% business use automobile in service in 2019, and the taxpayer elects first-year bonus depreciation, then the taxpayer is allowed a deduction for depreciation expense equal to $10,100 O A taxpayer is allowed a deduction for depreciation expense for a predominantly business use car equal to the automobile limit, even if it exceeds the amount of MACRS depreciation expense O A taxpayer is allowed a deduction for depreciation expense for a predominantly business use car equal to the lower of the automobile limit or MACRS depreciation expense

hich of the following statements is true? O If a taxpayer places a 40% business use automobile in service in 2019, and the taxpayer elects first-year bonus depreciation, then the taxpayer is allowed a deduction for depreciation expense equal to $4,040 O If a taxpayer places a 100% business use automobile in service in 2019, and the taxpayer elects first-year bonus depreciation, then the taxpayer is allowed a deduction for depreciation expense equal to $10,100 O A taxpayer is allowed a deduction for depreciation expense for a predominantly business use car equal to the automobile limit, even if it exceeds the amount of MACRS depreciation expense O A taxpayer is allowed a deduction for depreciation expense for a predominantly business use car equal to the lower of the automobile limit or MACRS depreciation expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In June 2022, a self-employed taxpayer purchased new equipment for $26,000 to be used in her business. Assuming she has net income from her business of $75,000 prior to the deduction, what is the maximum amount of cost recovery she can deduct rounded to the nearest dollar, assuming she does not elect §179 expense or bonus depreciation
Each of the following taxpayers has 2022 taxable income before the standard deduction as shown. Determine from the tax table provided, the amount of the income tax (before an credits) for each of the following taxpayers for 2022: Taxpayer(s) Allen Boyd Caldwell Dell Evans Filing Status Single MFS MFJ H of H Single Taxable Income Before the Standard Deduction $34,600 37,175 62,710 49,513 57,397 Income Tax
In 2019, Michael has net short-term capital losses of $1,500, a net long-tern capital loss of $27,000, and other ordinary taxable income of $45,000. a. calculate the amount of michael deduction for capital losses on his tax return for 2019. b. Calculate the amount and nature of his capital loss carry forward. Long-tern capital carryforward. Short-term capital loss carryforward.
A taxpayer purchased a light truck for $27,500 in June 2021. He uses the truck 100% business .What is his first year MACRS deduction for the truck if the takes the special depreciation deduction (i.e., bonus depreciation? A. $3,160 B. $5.860 C. $10,200 D. $18,200
1.
True or False 1. The hobby losses is deductible for 2022. 2. The education expenses is deductible if maintain or improves skills of the taxpayer. 3. A taxpayer can deduct $55 per day for meals and incidentals without keeping receipts on a business trip. 4. A taxpayer can take depreciation on a business auto and use the $0.60 mileage rate in the same years. 5. Transportation costs are allowed only when the taxpayer visits various clients in the same days. I want answer within one hour,Thanks
13.
A taxpayer receives $5,000 on their federal return in taxable unemployment income. What is the amount that must be subtracted from the state return to calculate the portion taxable to the State? A. Potentially a $5,000 subtraction. The amounts need to have been taxable on the federal return and administered by California's EDD to be excludable. Unemployment received from other states is still fully taxable in most cases. B. $5,000 subtraction - California does not include amounts received from any unemployment source in State income. C. $0 subtraction - The taxpayer may, however, claim a credit for the job search costs to reduce their taxable exposure to unemployment income. D. $0 subtraction - This is taxable income to the State.
Which of the following statements is true? Oa. A one-time election is available to taxpayers 55 years of age or older which allows them to sell their personal residences and to exclude all of the realized gain. Ob. A taxpayer's personal residence qualifies for a like-kind exchange. Oc. A taxpayer who sells a personal residence may always exclude the realized gain from taxable income. Od. None of these choices are true. Oe. All of these choices are true.
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Which of the following statements is true? Oa. A one-time election is available to taxpayers 55 years of age or older which allows them to sell their personal residences and to exclude all of the realized gain. Ob. A taxpayer's personal residence qualifies for a like-kind exchange. Oc. A taxpayer who sells a personal residence may always exclude the realized gain from taxable income. Od. None of these choices are true. Oe. All of these choices are true.