Author Question: On April 12, 2015, Suzanne bought a computer for $20,000 for business use. This was the only ... (Read 48 times)

fahad · **on:** Sep 13, 2020

Question 1

Joan bought a business machine for $15,000. In a later year, she sold the machine for $12,800 when the total allowable depreciation is $8,500. The depreciation actually taken on the tax returns totaled $8,000. Joan must recognize a gain (or loss) of
◦ no gain or loss.
◦ ($3,200).
◦ $6,800.
◦ $6,300.

Question 2

On April 12, 2015, Suzanne bought a computer for $20,000 for business use. This was the only purchase for that year. Suzanne used the most accelerated depreciation method available but did not elect Sec. 179. Bonus depreciation was not available. Suzanne sells the machine in 2016. The depreciation on the computer for 2016 is
◦ $2,000.
◦ $3,200.
◦ $4,000.
◦ $6,400.

maaaaaaaaaa · **Reply #1 on:** Sep 13, 2020

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