This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: In April of 2015, Brandon acquired five-year listed property (not an automobile) for $30,000 and ... (Read 82 times)

newbem

  • Hero Member
  • *****
  • Posts: 579
on: Sep 13, 2020

Question 1

In April 2016, Emma acquired a machine for $60,000 for use in her business. The machine is classified as 7-year property. Emma does not expense the asset under Sec. 179, and it is not eligible for bonus depreciation.  Emma's depreciation on the machine this year is
◦ $30,000.
◦ $60,000.
◦ $6,428.
◦ $8,574.

Question 2

In April of 2015, Brandon acquired five-year listed property (not an automobile) for $30,000 and used it 70% for business. No election was made regarding Sec. 179 and bonus depreciation was not available. In 2016, his business use of the property dropped to 40%. Which of the following statements is true?
◦ The change does not affect Brandon's previous depreciation.
◦ Brandon must recapture $2,100 as ordinary income.
◦ Brandon must recapture $4,200 as ordinary income.
◦ Brandon must amend the previous tax return and recompute depreciation.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by newbem on Sep 13, 2020

mohan

  • Sr. Member
  • ****
  • Posts: 362
Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 56% of students answer this correctly


newbem

  • Member
  • Posts: 579
Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

jordangronback

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Astronomers identified 12-billion-year-old white dwarf stars only 100 light years away from Earth Astronomers identified 12-billion-year-old white dwarf stars only 100 light years away from Earth
Observed Mother–Child Arguments at Five Time Points Over an Eight-Year Period Observed Mother–Child Arguments at Five Time Points Over an Eight-Year Period
Average Number of Days per Year with Thunderstorms Average Number of Days per Year with Thunderstorms
Portrait of Typical 12-year-old Boy and Girl, 1981 and 2007-2009 Portrait of Typical 12-year-old Boy and Girl, 1981 and 2007-2009
Find the proceeds of the following promissory note. A five-year, $4500.00 note bearing interest ... Find the proceeds of the following promissory note. A five-year, $4500.00 note bearing interest ...
Experimentally acquired evidence for gene annotation Experimentally acquired evidence for gene annotation
Video: Lipid catabolism ( ketogenesis and oxidation of glycerol) and Lipid anabolism (lipogenesis)

For a complete list of videos, visit our video library