Kristen Lu purchased a used automobile for $25,100 at the beginning of last year and incurred the following operating costs: Depreciation ($25,100 5 years) Insurance Garage rent Automobile tax and license Variable operating cost $ 5,020 $ 2,600 $ 1,300 $ 680 $ 0.14 per mile The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $5,020. The car is kept in a garage for a monthly fee. Required: 1. Kristen drove the car 24,000 miles last year. Compute the average cost per mile of owning and operating the car. Note: Round your answers to 2 decimal places. Average fixed cost per mile $ 0.40 Variable operating cost per mile $ 0.14 Average cost per mile $ 0.54

Terry purchased a machine for $12,000; the seller is holding the note. Terry paid $2,400 for the required wiring and installation. Terry has deducted depreciation on the machine for 3 years totaling $3,600. Terry owes $8,000 to the Seller. What is Terry’s adjusted basis in the machine? Group of answer choices $10,800 $8,400 $2,800 $16,400

Robert purchased a new 3-D printer for $560,850. Although this printer is expected to last for ten years, Robert knows the technology will become old quickly, so he plans to replace this printer in three years. At that point, Robert believes he will be able to sell the printer for $45,000. Calculate depreciation using the straight-line method.

answer in text form please (without image)

On September 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the building is $197,400. Holly also owns another residential apartment building that she purchased on November 15, 2020, with a cost basis of $214,000.   a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS. b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS.

Kristen Lu purchased a used automobile for $10,100 at the beginning of last year and incurred the following operating costs: Depreciation ($10,100 ÷ 5 years) Insurance Garage rent Automobile tax and license Variable operating cost $ 2,020 $ 1,100 $ 500 $ 280 $ 0.11 per mile The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $2,020. The car is kept in a garage for a monthly fee. Required: 1. Kristen drove the car 13,000 miles last year. Compute the average cost per mile of owning and operating the car. Note: Round your answers to 2 decimal places. × Answer is complete but not entirely correct. Average fixed cost per mile $ 0.30 Variable operating cost per mile $ 0.41 Average cost per mile $ 0.71

On April 30, 2021, Leo purchased and placed in service a new car that cost $69,600. The business use percentage for the car is always 100%. He does not take the additional first-year depreciation or any § 179. If required, round your answers to the nearest dollar. Click here to access the depreciation table of the textbook. Click here to access the limits for certain automobiles. a. What MACRS convention applies to the new car? Half-year b. Is the automobile considered "listed property"? Yes c. Leo's cost recovery deduction in 2021 is $ 10,000 X and for 2022 is $ 16,000 X

A taxpayer acquires office equipment for $10,000. Which one of the following choices is not an acceptable cost recovery period under either MACRS (regular or alternate) or ADS? O Straight-line for 7 years O straight-line for 10 years O 150% declining balance for 7 years O 150% declining balance for 10 years

Kristen Lu purchased a used automobile for $26,800 at the beginning of last year and incurred the following operating costs:           Depreciation ($26,800 ÷ 5 years) $ 5,360   Insurance $ 2,800   Garage rent $ 1,500   Automobile tax and license $ 740   Variable operating cost $ 0.13 per mile     The variable operating cost consists of gasoline, oil, tires, maintenance, and repairs. Kristen estimates that, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $5,360. The car is kept in a garage for a monthly fee.   Required: 1. Kristen drove the car 26,000 miles last year. Compute the average cost per mile of owning and operating the car. (Round your answers to 2 decimal places.)           2. Kristen is unsure about whether she should use her own car or rent a car to go on an extended cross-country trip for two weeks during spring break. What costs above are relevant in this decision? Assume that…

On July 1, 2018, Brent purchases a new automobile for $40,000. He uses the car 80% for business and drives the car for business purposes as follows: 8,000 miles in 2018, 19,000 miles in 2019, 20,000 miles in 2020, and 15,000 miles in 2021.   Brent uses the actual cost method. [Assume that no § 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2018 is as follows: $10,000 (first year), $16,000 (second year), $9,600 (third year), and $5,760 (fourth year).]   a. Compute his depreciation deductions for the years 2018, 2019, 2020, and 2021. What is Brent's adjusted basis in the auto on January 1, 2022?