Rex's Wrecks purchased $1,650,000 i new equipment, year property) during 2022. Rex wants to use Section 179 to expense the maximum amount of the purchase. Assuming no limitations due to net income restrictions, Rex can expense________ under Section 179, S_____ in bonus depreciation, and S_______ in regular MACRS depreciation (rounded to nearest dollar)
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- LO.4, 7 In December 2019, Carl Corporation sold land it held as an investment. The corporation received 50,000 in 2019 and a note payable (with adequate interest) for 150,000 to be paid in 2021. Carl Corporations cost of the land was 80,000. The corporation has a 90,000 net capital loss carryover that will expire in 2019. Should Carl Corporation report the sale in 2019 or use the installment method to report the income as payments are received?Aqua Corporation purchases nonresidential real property on May 8, 2020, for S1, 630, 000. Straight - line cost recovery is taken in the amount of $163, 000 before the property is sold on November 27, 2023, for S2, 445,000.a. Compute the amount of Aqua's recognized gain on the sale of the realty.b. Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income due to § 291). § 1231 gain:§ 1250 recapture (ordinary income due to §If Ivanhoe paid $20,000 to a real estate broker on January 1, 2025, as a fee for finding the lessor, what is the initial measuremen of the right-of-use asset? (Round answers to O decimal places, e.g. 5,275.) Right-of-use asset $ 94178
- Aqua Corporation purchases nonresidential real property on May 8, 2019, for $1,650,000. Straight-line cost recovery is taken in the amount of $165,000 before the property is sold on November 27, 2022, for $2,475,000. Question Content Area a. Compute the amount of Aqua's recognized gain on the sale of the realty $_______________ Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income due to § 291). b. § 1231 gain: $_____________ § 1250 recapture (ordinary income due to § 291): $_______________________Renata Corporation purchased equipment in 2020 for $275,200 and has taken $123,840 of regular MACRS depreciation. Renata Corporation sells the equipment in 2022 for $165,120. What is the amount and character of Renata's gain or loss? Renata Corporation has a gain of $ § 1245 recapture X of which $ X is treated as ordinary income due toIn 2022, Firm L purchased machinery costing $21,300 and elected to expense the entire cost under Section 179. Required: a. How much of the expense can Firm L deduct if its taxable income before the deduction was $58,000. b. How much of the expense can Firm L deduct if its taxable income before the deduction was $19,200. c. How much of the expense can Firm L deduct if its net operating loss (NOL) before the deduction was $5,016. Complete this question by entering your answers in the tabs below. Required A Required B Required C How much of the expense can Firm L deduct if its taxable income before the deduction was $58,000. Deduction
- II. MACRS COMPUTATIONS. Compute the allowable MACRS deduction under each of the following independent situations. Show computations for partial credit. In 2021, Early Company made its only purchase of equipment on October 18. The equipment was used property, costing $1,000,000. Assuming the equipment is in the 5-year recovery class, answer the following 1. questions. a. Can Early Co. elect to use bonus depreciation for the equipment? b. If Early cannot or does not wish to use bonus depreciation for the equipment, what depreciation conventic (table) does Early use for the equipment?On October 1, 2023, Verónica purchased a business. Of the purchase price, $66,000 is allocated to a patent and $396,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Verónica's 2023 § 197 amortization deduction.Ben Company purchased an investment property on January 1, 2020 at a cost of P250.000. The property had a useful life of 20 years and at December 31, 2022, had a fair value of P280.000.On January 1, 2023, the property was sold for net proceeds of P290,000. Ben uses the cost model to account for investment property.What is the gain or loss to be recognized in profit or loss for the year ended December 31,2023 regarding the disposal of the property, according to IAS 40 Investment Property? A. P77,500 gain B. P67,500 gain . C. P30,000gain D. PI 0,000 gain
- The Lancer Company has a single investment property, which had original cost of P580,000 on January 1, 2020. At December 31, 2022, its fair value was P600.000 and at December 31, 2023, it had a fair value of P590,000. On acquisition, the property had a useful life of 40 years.According to IAS 40 Investment Property, what should be the expense recognized in Lancer's profit or loss for the year ending December 31, 2023 under each of the fair value model and the cost model? a. FV model - P14,750; Cost model- P14,500 b. FV model - P10,000; Cost model- P14,500 c. FV model - P14,500; Cost model- P10,000 d. FV model - P10,000; Cost model- P14,750Renata Corporation purchased equipment in 2019 for $180,000 and has taken $83,000 of regular MACRS depreciation. Renata Corporation sells the equipment in 2021 for $110,000. What is the amount and character of Renata's gain or loss? Renata Corporation has a gain of $ of which $ is treated as ordinary income due toTaylor LLC purchased an automobile for $55,000 on July 5, 2020. What is Taylor's maximum depreciation deduction for 2020 (including bonus depreciation) if its business use percentage is 100 percent? $10,100 $11,000 $18,100 $55,000 None of the choices are correct.