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Author Question: In April of 2015, Brandon acquired five-year listed property (not an automobile) for $30,000 and ... (Read 59 times)

newbem

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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
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Marked as best answer by newbem on Sep 13, 2020

mohan

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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.
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newbem

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

Liddy

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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