Author Question: On January 3, 2013, John acquired and placed into service business tools costing $10,000. The tools ... (Read 52 times)

nramada · **on:** Sep 13, 2020

Question 1

On August 11, 2016, Nancy acquired and placed into service residential rental property, which cost $430,000; the cost of the land has been excluded. Nancy annually elects the maximum allowed Sec. 179 deduction. The total depreciation for the year is (rounded)
◦ $5,865.
◦ $4,141.
◦ $5,117.
◦ $15,636.

Question 2

On January 3, 2013, John acquired and placed into service business tools costing $10,000. The tools have a 3-year class life. No other assets were purchased during that year. The depreciation in 2016 for those tools is (Sec. 179 and bonus depreciation were not applied)
◦ $0.
◦ $741.
◦ $1,920.
◦ $3,333.

Jordin Calloway · **Reply #1 on:** Sep 13, 2020

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