Question
In: Finance
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus...
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.)
2018
| Date Placed | Original | ||
| Asset | in Service | Basis | |
| Machinery | October 25 | $ | 102,000 |
| Computer equipment | February 3 | 34,000 | |
| Used delivery truck* | August 17 | 47,000 | |
| Furniture | April 22 | 190,000 | |
*The delivery truck is not a luxury automobile
a. What is the allowable MACRS depreciation on Evergreen’s property in the current year assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
b. What would be the allowable MACRS depreciation on Evergreen’s property in the current year if Evergreen does not elect out of bonus depreciation?
Solutions
jeff jeffy answered 5 months agoRelated Solutions
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and...
Convers Corporation (calendar-year-end) acquired the following
assets during the current tax year: (ignore §179 expense and bonus
depreciation for this problem): (Use MACRS Table 1, Table2,and
Table 5.)
Date
Placed
Original
Asset
in
Service
Basis
Machinery
25-Oct
$
100,000
Computer equipment
03-Feb
$
40,000
Used delivery truck*
17-Mar
$
53,000
Furniture
22-Apr
$
180,000
Total
$
373,000
*The delivery truck is not a luxury automobile.
In addition to these assets, Convers installed new flooring
(qualified improvement property) to its office...
Convers Corporation (calendar-year-end) acquired the following assets during the current tax year: (ignore §179 expense and...
Convers Corporation (calendar-year-end) acquired the following
assets during the current tax year: (ignore §179 expense and bonus
depreciation for this problem): (Use MACRS Table 1, Table2,and
Table 5.)
Asset
Date Placed in Service
Original Basis
Machinery
October 25
$110,000
Computer Equipment
February 3
$50,000
Used delivery Truck*
March 17
$63,000
Furniture
April 22
$190,000
Total
$413,000
*the delivery truck is not a luxury automobile
In addition to these assets, Convers installed new flooring
(qualified improvement property) to its office building...
Convers Corporation (calendar-year-end) acquired and placed in service the following assets during the current tax year:...
Convers Corporation (calendar-year-end) acquired and placed in
service the following assets during the current tax year:
Machinery: original basis = $84,000; placed in service on
October 25
Computer equipment: original basis = $24,000; placed in service
on February 3
Used delivery truck*: original basis = $37,000; placed in
service on March 17
Furniture: original basis = $164,000; placed in service on
December 22
*The delivery truck is not a luxury automobile.
What is the applicable depreciation convention for the assets...
Convers Corporation (calendar-year-end) acquired and placed in service the following assets during the current tax year:...
Convers Corporation (calendar-year-end) acquired and placed in
service the following assets during the current tax year:
Machinery: original basis = $84,000; placed in service on October
25 Computer equipment: original basis = $24,000; placed in service
on February 3 Used delivery truck*: original basis = $37,000;
placed in service on March 17 Furniture: original basis = $164,000;
placed in service on December 22 *The delivery truck is not a
luxury automobile. What is the applicable depreciation convention
for the assets...
Convers Corporation (calendar-year-end) acquired and placed in service the following assets during the current tax year:...
Convers Corporation (calendar-year-end) acquired and placed in
service the following assets during the current tax year:
Machinery: original basis = $84,000; placed in service on October
25 Computer equipment: original basis = $24,000; placed in service
on February 3 Used delivery truck*: original basis = $37,000;
placed in service on March 17 Furniture: original basis = $164,000;
placed in service on December 22 *The delivery truck is not a
luxury automobile. What is the applicable depreciation convention
for the assets...
Compute regular depreciation for the following qualified assets. Ignore bonus depreciation and section 179. a.) Business...
Compute regular depreciation for the following qualified
assets. Ignore bonus depreciation and section 179.
a.) Business equipment purchased in February for $40,000 which
has salvage value of $4,000.
b.) Business car purchased in May for 22,000 which has a
salvage value of $3,000.
c.) Business equipment purchased in May for $150,000 has a
salvage value of $15,000.
d.) Business car purchased in April for $42,000 with a salvage
value of $5,000.
e.) Compute depreciation for residential real estate purchased
in...
Problem 10-54 (LO 10-2, LO 10-3) Convers Corporation (calendar-year-end) acquired the following assets during the current...
Problem 10-54 (LO 10-2, LO 10-3)
Convers Corporation (calendar-year-end) acquired the following
assets during the current tax year: (ignore §179 expense and bonus
depreciation for this problem): (Use MACRS Table 1, Table 2, and
Table 5.)
Date Placed
Original
Asset
in Service
Basis
Machinery
October 25
$
110,000
Computer equipment
February 3
$
50,000
Used delivery truck*
March 17
$
63,000
Furniture
April 22
$
190,000
Total
$
413,000
*The delivery truck is not a luxury automobile.
In addition to...
AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the §179 expense....
AMP Corporation (calendar-year-end) has 2019 taxable income of
$1,900,000 for purposes of computing the §179 expense. During 2019,
AMP acquired the following assets: (Use MACRS Table 1, Table 2,
Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,550,000
Computer equipment
February 10
365,000
Office building
April 2
480,000
Total
$
2,395,000
a. What is the maximum amount of §179 expense
AMP may deduct for 2019?
b. What is the maximum total...
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense....
AMP Corporation (calendar-year-end) has 2020 taxable income of
$1,900,000 for purposes of computing the §179 expense. During 2020,
AMP acquired the following assets:
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,320,000
Computer equipment
February 10
380,000
Office building
April 2
495,000
Total
$
2,195,000
1.What is the maximum amount of §179 expense AMP may deduct for
2020?
2.What is the maximum total depreciation, including §179
expense, that AMP may deduct in 2020 on the assets it placed in...
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense....
AMP Corporation (calendar-year-end) has 2020 taxable income of
$1,900,000 for purposes of computing the §179 expense. During 2020,
AMP acquired the following assets: (Use MACRS Table 1, Table 2,
Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,300,000
Computer equipment
February 10
370,000
Office building
April 2
485,000
Total
$
2,155,000
a. What is the maximum amount of §179 expense
AMP may deduct for 2020?
b. What is the maximum total depreciation,...
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