Ryan is self-employed. This year Ryan used his personal auto for several long business trips. He paid $1,850 for gasoline trips. Ryan estimates that he drove approximately 2,220 miles on business trips, but he can only provide written docume business purpose for trips totaling 1,400 miles. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his 18,500 miles (a combination of business and personal travel). What business expense amount can Ryan deduct (if any) for these trips? (Do not found intermediate calculations. Rour answers to the nearest whole dollar amount.) Maximum deductible amount

Max uses a Ford F-350 Truck (it is a dually with a lift kit and has a 6.7L Power Stroke Turbo Diesel engine; Gross Vehicle Weight = 9,900 pounds) 100% for business. He acquired and placed the vehicle in service in his business in March of the current year. The vehicle cost $96,000. If Max takes the maximum amount of depreciation available to him for 2023, then his maximum deduction allowed this year is: A) $28,900. B) $53,680. C) $85,264. D) $96,000.

In 2018, Ensley drove her automobile 28,500 miles. She incurred the following expenses during the year related to the automobile:Gas and oil, lubrication: $1,800 Insurance: $980Repairs: $360Licenses and registration fees: $50Business parking and tolls: $170She uses the automobile 80% for business. Based on the data, Ensley's automobile deduction under the actual cost method is

Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $56,000 per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $5,000 of employee expenses. Green Corporation reimburses Bruce for only $4,000 of expenses.Bruce decides to put $5,500 into a Traditional IRA. Amanda owns a financial consulting firm as a sole proprietor (it qualifies as a full trade or business). Amanda generates $80,000 of revenues during the year. She has the following business payments associated with her firm:● Utilities: $2,000● Office Rent: $14,000● Self-Employment Tax: $5,000● Salary for her secretary: $20,000● Fines/Penalties: $8,000● Payroll Taxes (Employer Portion): $1,000● Business Meals: $2,000● Bribe to police officer to forgive parking violation $1,500Due to the income and expenses above, Amanda has $39,500 of Qualified Business Income. Also, during the year a tornado damaged the roof of their personal…

Manji

Benjamin is an artist. He sold some assets last week. He requests you to calculate the Capital Gain Tax (CGT) consequences of the following transactions:    He purchased the following items last eight months ago.   an antique ceramic bowl (for $4,000), An antique vase (for $5,000), A colourful painting (for $15,000), A TV sound system for his personal use (for $10,000) and Shares of a reputed Company (for $6,000)     Last week he sold these assets as follows:   an antique ceramic bowl (for $6,000), An antique vase (for $1,000), A colourful painting (for $ 5,000), A TV sound system for his personal use (for $9,000) and Shares of a reputed Company (for $26,000)   Based on the legal provisions, discuss capital gain tax assets and calculate his net capital gain or net capital loss for the current tax year

Terry purchased a machine for $15,000; the seller is holding the note. Terry paid $2,500 for the required wiring and installation. Terry has deducted depreciation on the machine for 3 years totaling $4,500. Terry owes $5,000 to the Seller. What is Terry’s adjusted basis in the machine? Group of answer choices

Steven is an accountant and maintains an office in his home. Expenses of the business (other than home office expenses) are $15,000. Steven incurs the following home office expenses: Real property taxes on residence: $2,400 Interest expense on residence: $4,000 Operating expenses of residence: $3,200 Depreciation on residence (based on 8% business use): $450. His office occupies 10% of the total floor space of his residence. Gross income from his business is $34,000.   Assuming that Steven uses the regular method, what is his allowable office in the home deduction?

Rocky repairs TV sets in the basement of his personal residence.  Rocky uses 450 square feet (20%) of his residence exclusively for the repair business. Business profit is $4,000 before any office-in-home expenses are deducted. Expenses relating to the residence are as follows: Real property taxes $5,500 Interest on home mortgage 7,000 Operating expenses of residence 3,000 Depreciation (100% amount) 5,000   The maximum home office expense deduction he can take in 2020 using the regular (actual expense) method is _____. The amount of expenses Rocky would carryover to 2021 if he uses the regular method is _____. The amount of home office expense deduction he can take in 2021 using the simplified method is _____. The amount of expenses Rocky would carryover to 2021 if he uses the simplified method is ____. Rocky should use the regular method or the simplified method? _____

After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $312,000. Ingrid allocated $52,000 of the purchase price to goodwill. Ingrid’s business reports its taxable income on a calendar-year basis. a. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3?