Question
In: Accounting
8-43 On June 5, 2016, Javier Sanchez purchased and placed in service a new 7-year class...
8-43 On June 5, 2016, Javier Sanchez purchased and placed
in service a new 7-year class asset costing $550,000 for use in his
landscaping business, which he operates as a single member LLC
(Sanchez Landscaping LLC). During 2016, his business generated a
net income of $945,780 before any § 179 immediate expense
election.
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Solutions
Expert Solution
maximum deduction = 507146
deduction in 2017= MACRS basis of property * rate= 50000* 24.49%= 12245
ekkarill92 answered 1 year agoRelated Solutions
On June 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset...
On June 5, 2019, Javier Sanchez purchased and placed in service
a new 7-year class asset costing $560,000 for use in his
landscaping business, which he operates as a single member LLC
(Sanchez Landscaping LLC). During 2019, his business generated a
net income of $945,780 before any § 179 immediate expense election.
Rather than using bonus depreciation, Javier would like to use §
179 to expense $200,000 of this asset and then use regular MACRS to
cost recover the remaining...
On June 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset...
On June 5, 2019, Javier Sanchez purchased and placed in service
a new 7-year class asset costing $560,000 for use in his
landscaping business, which he operates as a single member LLC
(Sanchez Landscaping LLC). During 2019, his business generated a
net income of $945,780 before any § 179 immediate expense election.
Rather than using bonus depreciation, Javier would like to use §
179 to expense $200,000 of this asset and then use regular MACRS to
cost recover the remaining...
On February 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset...
On February 5, 2019, Javier Sanchez purchased and placed in
service a new 7-year class asset costing $477,200 for use in his
landscaping business, which he operates as a single member LLC
(Sanchez Landscaping LLC).
Rather than using bonus depreciation, Javier would like to use §
179 to expense $200,000 of this asset and then use regular MACRS to
cost recover the remaining cost. During 2018, his business
generated a net income of $572,640 before any § 179 immediate
expense...
On February 5, 2019, Javier Sanchez purchased and placed in service a new 7-year class asset...
On February 5, 2019, Javier Sanchez purchased and placed in
service a new 7-year class asset costing $422,000 for use in his
landscaping business, which he operates as a single member LLC
(Sanchez Landscaping LLC). Rather than using bonus depreciation,
Javier would like to use § 179 to expense $200,000 of this asset
and then use regular MACRS to cost recover the remaining cost.
During 2018, his business generated a net income of $506,400 before
any § 179 immediate expense...
On May 31, 2018, Javier Sanchez purchased and placed in service a new 7-year class asset...
On May 31, 2018, Javier Sanchez purchased and placed in service
a new 7-year class asset costing $489,200 for use in his
landscaping business, which he operates as a single member LLC
(Sanchez Landscaping LLC).
Rather than using bonus depreciation, Javier would like to use §
179 to expense $200,000 of this asset and then use regular MACRS to
cost recover the remaining cost. During 2018, his business
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On June 5, 2016, Leo purchased and placed in service a new car that cost $20,000....
On June 5, 2016, Leo purchased and placed in service a new car
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On June 21, 2018, Duckwall Co. purchased and placed in service
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Lori, who is single, purchased 5-year class property for
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