Janice Morgan 2012 Tax Return_T12_For_Records

4 5 dollar limitation for tax year

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Unformatted text preview: ln 4, not less than 0 . . . . . . . . . . . . . . . . . . . . . . 5 Note: If married filing separately, see IRS instructions. 6. (a) Description of property (b) Cost (bus. use only) (c) 0 500,000 Elected cost Furniture 17,000 All other assets 40,000 Note: The second line above is calculated as "total other" section 179. 7. 8. 9. 10. 2,000,000 17,000 40,000 0 Listed property, from line 29 . . . . . . . . . . . . . . . . . . . . . . . . . 7 Total elected cost of section 179 property, lines 6(c)+line 7 . . . . . . . . . . . . . . . . . . . 8 Tentative deduction. Smaller of line 5 or line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Carryover of disallowed section 179 deduction from 2011 . . . . . . . . . . . . . . . . . . 10 Note: If you filed Form 4562 for 2011, enter on line 10 the amount from line 13 of your 2011 Form 4562. 57,000 57,000 11. Business inc limitation. Lesser bus. inc (not < 0) or ln 5 . . . . . . . . . . . . . . . . . . . . 11 Note: We assume that your aggregate taxable income that is derived from the active conduct of any trade or business is greater than the amount on line 5. If this is not the case, OVERRIDE line 11. (See IRS instrs.) 500,000 12. Sec 179 expense deduction. Lesser of line 9+ln 10, or ln 11 . . . . . . . . . . . . . . . .12 57,000 13. Carryover of disallowed deduction to 2013. (Lines 9+10-12) . . . . . . . . . . . . . . PART II 13 0 SPECIAL DEPRECIATION ALLOWANCE AND OTHER DEPRECIATION (Do not include listed property.) 14. Special depreciation allowance for qualified property (other than listed property) placed in service during tax year . . . . . . . . . . . . . . . . . . . . . 14 15. Property subject to section 168(f)(1) election . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16. Other depreciation (including ACRS) (see instructions) . . . . . . . . . . . . . . . . . . . . 16 0 Not For Filing Not For Filing PART III MACRS DEPRECIATION (Do not include listed property.) Section A 17. MACRS deductions for assets in service prior to 2012 . . . . . ....
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