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Teague Company purchased a new machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an eight-year life and a $15,000 salvage value. The machine is expected to produce 675,000 finished products during its eight-year life. Smith produced 70,000 units in 2012 and 110,000 units during 2013.
1) Determine the amount of depreciation expense to be recorded on the machine for the years 2012 and 2013 under each of the following methods:
a) Straight-line methodb) Units of production methodc) Double-declining balance method
Suppose that the data are the same, except that the fair market value of property is 2,525,000. Thus, when terry deeds the property to creditor, she also receives 25,000 from the creditor. What are the tax consequences to terry?
Determine Rondo's tax basis in his R&L stock if R&L is formed as a C business?
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What do you tell her about the income tax consequences and are there ways to change the basic structure so that it is more advantageous from an income tax point of view?
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