FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Required information Skip to question [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2023. The auto was the only business asset she purchased during the year, and her business was extremely profitable. Calculate her maximum depreciation deductions (including $179 expense unless stated otherwise) for the automobile in 2023 and 2024 (Lina doesn't want to take bonus depreciation for 2023 or 2024) in the following alternative scenarios ( assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10 - 10.) e. The vehicle cost $83, 800, and she used it 20 percent for business.arrow_forwardRequired information [The following information applies to the questions displayed below.] This year, Amy purchased $2,000 of equipment for use in her business. However, the machine was damaged in a traffic accident while Amy was transporting the equipment to her business. Note that because Amy did not place the equipment into service during the year, she does not claim any depreciation or cost recovery expense for the equipment. a. After the accident, Amy had the choice of repairing the equipment for $1,800 or selling the equipment to a junk shop for $300. Amy sold the equipment. What amount can Amy deduct for the loss of the equipment? Deductible amountarrow_forwardSarah sold a business-use machine for $51,200. Sarah bought the machine for $53,800 several years ago and has claimed $11,900 of depreciation expense on the machine. What is the amount and character of Sarah's gain or loss? Multiple Choice $9,300 §1231 loss. $9,300 ordinary gain. $2,600 §1231 loss. $9,300 capital gain. None of the choices are correct.arrow_forward
- a) Brittany purchased a building for $160,000 on January 1, 2013. The purchase price does not include land. (Use Table 6A-6 and Table 6A-8) Required: Calculate the cost recovery for 2013 and 2021 if the real property is: Residential real property. A warehouse. Note: For all requirements, round your final answers to the nearest whole dollar amount. b) Brittany purchased a building for $160,000 on January 1, 2013. The purchase price does not include land. (Use Table 6A-6 and Table 6A-8) Required: Calculate the cost recovery for 2013 and 2021 if the real property is: Residential real property. 2013 ? 2021 ? A warehouse. 2013 ? 2021 ? Note: For all requirements, round your final answers to the nearest whole dollar amount. Pleease don't answer in hand written thankuarrow_forwardQuestion 7 of 10. Stig purchased a house in 2020 and rented it out the entire time he owned it. His adjusted basis in the property before depreciation is $262,500 ($45,000 attributable to land). In 2022, Stig sold the property for $320,000 with $7,500 in deductible expenses. The total allowable depreciation was $19,093. What is Stig's taxable gain on the disposition of the building? $19,093 $22,345 $30,907 $60,531arrow_forwardDon't provide answer in image formatarrow_forward
- Vijayarrow_forwardBrad sold a rental house that he owned for $247,000. Brad bought the rental house five years ago for $228,000 and has claimed $48,500 of depreciation expense. What is the amount and character of Brad's gain or loss? Multiple Choice ___ $18,000 ordinary and $48,250 unrecaptured 1250 gain. ___ $18,000 1231 gain and $48,250 unrecaptured 1250 gain. ___ $66,250 ordinary gain. ___ $66,250 capital gain. ___ None of the choices are correct.arrow_forwardExplanationarrow_forward
- Linda purchased two cars in 2018. A vintage Thunderbird for $72,000 and a Honda Accord for $29,000. Both cars were used solely for personal purposes. During the current year, she sold the Thunderbird for $85,000 and the Honda for $25,000. How much gain or loss will she report for these two transactions? A. $9,000 gain B. $4,000 loss C. No gain or loss D. $13,000 gainarrow_forwardPlease dont provide solution image based thanksarrow_forwardA2arrow_forward
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