Mid quarter convention year 1 d 1229390 30000 computer 5 yr x 32 and 11000

Mid quarter convention year 1 d 1229390 30000

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Mid-quarter convention, year 1) d. $12,293.90 ($30,000 (computer, 5 yr) x 32% and $11,000 (office furniture, 7 yr) x 24.49%. Half-year convention, year 2). 1
2.A hair salon purchases a new computer for the checkout desk on October 21, 2014 for $1,500, which was the only property it purchased that year. The firm sells the equipment on October 3, 2016. Assume the firm always opts out of Sec. 179 and bonus if available and uses a calendar year tax period. How much total depreciation does the firm have for the machine in 2016?(10 points) 3.A textile company purchased the following assets throughout 2016:AssetPlaced in serviceInitial BasisLand for millJanuary 1$1,000,000Mill buildingJanuary 1$300,000Equipment (new)March 4$1,800,000Small used truck for deliveriesJune 8$25,000Total$3,125,000What is the maximum totaldepreciation expense possible that the corporation may deductin 2016? Assume that the land and mill building do not qualify as qualified real property for Sec. 179 and that the company has sufficient taxable income that it creates no binding limitation on any potential Sec. 179 expense (if applicable). To allow better potential for partial credit, make sure to clearly mark your total amount for Sec. 179 expense, bonus, and regular depreciation each separately before showing the maximum total depreciation.(30 points) GRADING RULE: 30 POINTS FOR IF FINAL ANSWER OF $1,264,554.25 RIGHT. If TOTAL NOT RIGHT, 10 POINTS RELATED TO HAVING $650,000 FOR BONUS DEPRECIATION, 10 POINTS FOR HAVING $500,000 FOR SEC. 179 EXPENSE, AND 10 POINTS FOR HAVING $102,054.25 IN REGULAR DEPRECIATION EXPENSE. IF ANSWER FOR ANY OF THE THREE COMPONENTS IS WRONG AND SHOWED WORK, ½ POINTS FOR THAT COMPONENT. HOWEVER, IF FINAL ANSWER WRONG, COMPONENT WRONG, AND NO WORK – NO POINTS.

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