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On April 23, Mrs. Y purchased a taxi business from Mr. M for a lump-sum price of $60,000. The business consists of a two-year-old taxicab worth $19,000, Mr. M's license to operate a taxi business in Baltimore, his list of regular clients and his registered business name "On Time Any Time Taxis." Mrs. Y opened the business from April 24 through the end of the year.
Problem 1: Compute Mrs. Y's taxable income from the taxi business if her taxable income before consideration of any cost recovery deductions was $40,000. (For intangibles, the taxpayer is allowed a full month of amortization in the month the intangible is acquired. Also, assume she takes full advantage of the Section 179 immediate expensing election with respect to the taxi.)
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