Reference no: EM133078503
Questions -
Q1. If you own a business, and the business owns land which declines in value, the land may be depreciated for tax purposes.
False
True
Q2. An asset (not an automobile) put in service in June 2020 has a depreciable basis of $535,000 and a recovery period of 5 years. Assuming bonus depreciation is used, a half-year MACRS convention, and no Section 179 expensing election is made, what is the maximum amount of cost that can be deducted in 2020?
Q3. Guardian Industries Corp bought a glass making machine on January 1, 2018 for $31,250. The company did not elect Section 179 expensing and elected out of claiming bonus depreciation in 2018, and is depreciating the machine using the MACRS accelerated depreciation tables for 5-year property. What is the 2020 depreciation (Year 3) deduction for the machine?
Q4. During 2020, Thomas purchases $13,000 of used manufacturing equipment (7-year property) for use in his business, his only asset purchase that year. Thomas has taxable income from his business of $51,000 (before deducting any depreciation). What is the maximum amount that Thomas may deduct in 2020 under the Section 179 election to expense?
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