ip3.docx - 1 Depreciation Individual Project Phase 3 Depreciation Martha Constance Taxation and Business Decisions(ACCT618-1901B-01 2 Depreciation No

ip3.docx - 1 Depreciation Individual Project Phase 3...

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1 Depreciation Individual Project Phase 3 Depreciation Martha Constance Taxation and Business Decisions (ACCT618-1901B-01) July 25, 2019
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2 Depreciation No timely submission of project 20% late penalty Total points earned (rounded): 145 out of 190 (75%). Task Requirements points earned: 35 out of 50 (70%). Demonstration and application of knowledge points earned: 80 out of 110 (73%). Academic writing and format points earned: 30 out of 30 (100%). Strengths: Opportunities for improvement: Additional Comments:no discussion of enterprise zone, why a company may not wnt rapid depreciation, no table of presnt value of tax savings for all six years As a C corporation there are expenses that must be accounted for when completing the financial statements at the end of the financial periods to ensure they are following the GAAP Principles and IRS guidelines. JIM needs to ensure they are getting the most value out of each tax deductions they have available due to the upcoming merger with Mason Machining, Inc. As the company purchases new property, equipment, office furniture, and machinery. These are all tangible assets that the company uses throughout the year that are recorded as an asset on the
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3 Depreciation balance sheet. The tangible assets can have additional costs such as delivery and set up costs. As these tangible assets are recorded the depreciation must be recorded on your taxes. If you fail to record it in the current year you can only go back and file and amended return for up to three years. In the most recent year 2016, JIM has purchased a five-year property using the Modified Accelerated Cost Recovery System (MACRS) for the first three years to obtain the largest deduction for the purchase, then switching to the straight-line method for the last three years.
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