Janice Morgan 2012 Tax Return_T12_For_Records

check here if this is qualified cellulosic biofuel

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: is qualified cellulosic biofuel plant property or qualified reuse and recycling property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Check here if you checked box a., b., c., d., or e. above and you are electing out of bonus depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Note: The election on line f., above, generally operates on a class-by-class basis. See the IRS instructions to Form 4562 and make sure that, with respect to other property in the same class as this asset, you elect out of bonus depreciation as required. You will need to attach a statement to your return relating to the election out. END OF PAGE 1 DEPRECN WKS DEPRECIATION WORKSHEET 2012 Not For Filing DEPRECN WKS ASSET: Furniture DEPRECIATION WORKSHEET 2012 page 2 8. BASIS, SECTION 179 EXPENSE DEDUCTION, AND BONUS DEPRECIATION a. i. ii. iii. Total original basis (cost) when property was acquired . . . . . . . . . . . . . . . Portion of original basis for land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Original basis not for land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000 17,000 b. Section 179 amount: For assets placed in service before 2012: Enter the Sec 179 i. amount (if any) for year the asset was placed in service . . . . . . . . . . . . . . . ii. For assets placed in service in 2012: Maximum section 179 amount before taking (a) business percentage into account (enter manually if qualified empowerment zone property or qualified section 179 disaster assistance 500,000 property) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maximum allowable section 179 amount, after (b) 17,000 taking business percentage into account . . . . . . . . . . . 17,000 Section 179 claimed this year . . . . . . . . . . . . . . . . . . . . (c) c. Deduction for removal of barriers to disabled and elderly; disabled access credit; enhanced oil recovery credit; basis adjustment to investment credit property under sec. 50(c) . . . . . . . . . . . . . . . . ....
View Full Document

Ask a homework question - tutors are online