Reference no: EM131745149
Problem 1: Blackwell Corp. acquires a machine (seven-year property) on January 10, 2016 at a cost of $2,022,000. Blackwell makes the election to expense the maximum amount under Sec. 179.
Assume that the taxable income from trade or business is $1,500,000.
(1) What is the amount of the Section 179 expensing deduction for the current year?
(2) What is the amount of the Section 179 carryover to the next tax year?
(3) What is the amount of depreciation allowed?
Assume instead that the taxable income from trade or business is $400,000.
(1) What is the amount of the Section 179 expensing deduction for the current year?
(2) What is the amount of the Section 179 carryover to the next tax year?
(3) What is the amount of depreciation allowed for 2016?
Problem 2: Jackie, a calendar-year taxpayer, acquires 5-year tangible personal property in 2016 and places the property in service on the following schedule:
Date placed in service Acquisition Cost
January 15 $7,000
May 25 10,000
November 8 508,000
Jackie elects to expense the maximum under Sec. 179, and selects the property placed into service on November 8. The property is not eligible for bonus depreciation. Her business's taxable income before Sec. 179 is $790,000. What is the total cost recovery deduction (depreciation and Sec. 179) for 2016?
|
Determine the direct labor rate and direct labor time
: Determine the direct labor rate, direct labor time, and total direct labor cost variance for the Cutting Department and Sewing Department
|
|
Describe the temple complex at karnak in some detail
: Describe the temple complex at Karnak in some detail. What were some of the significant aspects of this temple? What were the important parts?
|
|
What is the probability that the sensory memory will last
: What is the probability that the sensory memory will last for at most 200 milliseconds? Find the median time the sensory memory will last
|
|
Discuss some kids got sick and needed to be hospitalized
: XYZ manufactures a pesticide used in a city playground. After spraying the park with the pesticide, some kids got sick and needed to be hospitalized
|
|
What is the amount of depreciation allowed
: Blackwell Corp. acquires a machine (seven-year property) on January 10, 2016 at a cost of $2,022,000. What is the amount of depreciation allowed
|
|
Develop an rfp for the items you decided to purchase
: Conduct a make or buy analysis for each of the following, and then develop an RFP for the items you decided to purchase.
|
|
What is the mean time until the document begins to print
: What is the probability that the document will need more than 5 minutes before starting to print? Find a value t such that only 2% of all documents take
|
|
Briefly, explain the concept in the form of short essays
: Briefly, explain the concept in the form of short essays, discuss the various contract laws in the United States
|
|
Discuss how black death impacted european society
: What was the Black Death? Discuss how it impacted European society. What is humanism? Why were the writings of Ancient Greeks and Romans important to humanists?
|