The books of seal company a calendar year taxpayer had

Assignment Help Accounting Basics

Reference no: EM13577359

The books of Seal Company, a calendar year taxpayer, had assets and related information (as detailed below) as of December 31, 2012. Seal's policy is to record depreciation on December 31 by way of a journal entry. Seal also takes advantage of any early write-offs of its purchased assets allowed by law. Based on the information given calculate Seal's maximum depreciation deduction for 2012. The office equipment purchased is new and Seal's taxable income for the year is $1,000,000. Bonus depreciation in effect for 2012 is 50%. Seal purchased office equipment of $240,000 on February 1, 2012.The expensing election for 2012 is $500,000 and the threshold is $2,000,000.

Asset Basis Year Purchased
Manufacturing Tools 120,000 2011
Trucks 300,000 2010
Water Trans, Equip 150,000 2009
Fencing-Plant 90,000 2008

Reference no: EM13577359

Questions Cloud

The books of seal company a calendar year taxpayer had : the books of seal company a calendar year taxpayer had assets and related information as of december 31 2012. seals

Corn costs 010lb peanuts 005lb oats 015lb and the vitamin : question a feed company produces a livestock mix from four possible ingredients corn peanuts oats and a vitamin

Your brother has asked you to help him with choosing an : your brother has asked you to help him with choosing an investment. he has 4100 to invest today for a period of two

The cpu of a personal computer has a lifetime that is : the cpu of a personal computer has a lifetime that is exponentially distributed with a mean lifetime of six years. you

The books of seal company a calendar year taxpayer had : the books of seal company a calendar year taxpayer had assets and related information as detailed below as of december

The diameters of peaches in a certain orchard are : the diameters of peaches in a certain orchard are normally distributed with a mean of 4.14 inches and a standard

The distance between major cracks in a highway follows an : the distance between major cracks in a highway follows an exponential distribution with a mean of 5 miles.a what is the

Chuck brown will receive from his investment cash flows of : chuck brown will receive from his investment cash flows of 3135 3450 and 3810 at the end of years 1 2 and 3

He has at least ten hours of each activity to do each week : question an fbo a fixed-base-operator usually the manager of a small-town airport makes his revenue in three ways

User Account

All Pages