Reference no: EM131296273
Sheronda has owned and operated her vacuum repair business for the last 5 years. She calls her company Sheronda’s Vacuum Cleaner Repair. During 2015, Sheronda received cash receipts from customers totaling $49,000. During 2015, she paid the following expenditures in connection with her business:
Cost of an engine diagnostic machine (5-year property) $ 26,000
Cost of new equipment (7-year property) 14,000
Supplies 3,000
Advertising fees 2,000
Liability insurance premiums 1,000
For the engine diagnostic machine, Sheronda elected not to expense any portion of the cost allowed under the provisions of § 179, but rather elected to take the maximum allowed depreciation. For the new equipment, Sheronda elected to take § 179 expense. The diagnostic machine plus all the equipment were placed in service on March 1, 2015. The diagnostic machine and equipment are used exclusively for business purposes.
Determine Sheronda's total cost recovery for 2015.
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: Sheronda has owned and operated her vacuum repair business for the last 5 years. She calls her company Sheronda’s Vacuum Cleaner Repair. During 2015, Sheronda received cash receipts from customers totaling $49,000. During 2015, she paid the following..
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