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Chapter%208%20Quiz

Chapter%208%20Quiz - Depreciation Cost Recovery...

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Depreciation, Cost Recovery, Amortization, and Depletion 8-D CHAPTER 8 DEPRECIATION, COST RECOVERY, AMORTIZATION, AND DEPLETION EXAMINATION QUESTIONS 1. On June 14, 2010, Ramone purchased a new automobile that cost $20,000. The car is used 80% for business and 20% for personal use. In 2011, he used the automobile 30% for business and 70% for personal use. Determine the cost recovery recapture for 2011. a. $2,000. b. $1,600. c. $848. d. $-0-. e. None of the above. 2. Indigo Company acquires a new machine (ten-year property) on January 15, 2010, at a cost of $100,000. Indigo also acquires another new machine (seven-year property) on November 5, 2010, at a cost of $20,000. No election is made to use the straight-line method. The company does not make the § 179 election. Determine the total deductions in calculating taxable income related to the machines for 2010.
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