Roger, an individual, owns a proprietorship Green Options. For the year 2020, Roger reports the following items: Business income - $ 200,000 Business expense - $ 150,000 Loss on a completely destroyed business machine. The machine had an adjusted basis of $ 25,000 and a fair market value of $ 20,000. Loss on a business truck. The truck had an adjusted basis of $ 8,000. The repairs to fix the truck cost $ 10,000.

Equipment that Kevin used in his business was completely destroyed in a fire.   At the time of the fire, the equipment had a fair market value of $40,000 and an adjusted basis of $36,000.  He received an insurance recovery of $16,000.  If Kevin’s AGI for the year is $100,000, determine his deductible loss on the equipment.   Options: a.) $20,000 b.) $9,900 c.) $24,000 d.) $0 e.) $40,000

On June 1, 2022, Leo purchased and placed in service a new car that cost $79,600. The business use percentage for the car is always 100%. He does not elect § 179 expensing, and does not claim any available additional first-year depreciation. 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 2022 is $ and for 2023 is $

dan purchased machinery (7 yr. property) to use in her business on 9/1/18 at a cost of $ 40,000. This was the only property placed in service in 2018. On 3/1/20 dan sold this equipment for $ 44,000. Answer each part below as follows: How much depreciation (use MACRS 200DB method) will Gabby claim in the following years? 2018 2019

On June 5, 2022, Leo purchased and placed in service a new car that cost $75,000. The business use percentage for the car is always 100%. Leo does not elect § 179 expensing, and does not claim any available additional first-year depreciation. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. 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 2022 is $ 10,200 X and for 2023 is $ 16,400 X.

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Hi Can you help me solve this for Depreciation Asset. Thank you! QUESTIONDr Jensen, who carries on business as a physician, purchased a Commodore car on 1 April 2018 at a cost of $35,000.  Dr Jenson estimates the effective life of the car as seven years.   As a result of mechanical problems she sold the car on 30 June 2018 for $20,000.  She has a 60% business usage on her vehicles.    Advise Dr Jensen of the tax consequences and the deductions available to her for the year ended 30 June 2018.  (All figures are exclusive of GST)

on july 17, 2022, herman places in service a used automobile that cowt $30,000. the car is used 80% for business and 20% for personal use. in 2022, he used the automobile 40% for business and 60% for personal use. herman chooses not to take 179 or additional first-year depreciation. determine the cost recovery recapture for 2023.

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