Way Corporation disposed of the following tangible personal property assets in the current year.DateOriginalAcquired5/12/17AssetDate SoldConventionBasisFurniture (7-year)Machinery (7-year)Delivery truck* (5-year)Machinery (7-year)Computer (5-year)$ 82,50099,50042,000298,600102,0007/15/21HY3/23/183/15/21MQ3/13/218/21/2112/15/219/17/19HY10/11/20MQ10/11/21HY*Used 100 percent for business.Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation deduction (ignore §179 expenseand bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) (Round your intermediate dollarcalculations and final answer to the nearest whole dollar amount.)Depreciation deduction

Depreciation is a concept that is used to write off the cost of an item over its usable life.…

Way Corporation disposed of the following tangible persona Date Acquired 5/12/17 Asset Date Sold Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) 7/15/21 3/15/21 3/13/21 3/23/18 9/17/19 10/11/20 10/11/21 8/21/21 12/15/21 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate and bonus depreciation for this problem). (Use MACRS Tabl calculations and final answer to the nearest whole dollar

Way Corporation disposed of the following tangible persona Date Acquired 5/12/17 Asset Date Sold Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) 7/15/21 3/15/21 3/13/21 3/23/18 9/17/19 10/11/20 10/11/21 8/21/21 12/15/21 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate and bonus depreciation for this problem). (Use MACRS Tabl calculations and final answer to the nearest whole dollar

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 74P

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Way Corporation disposed of the following tangible personal property assets in the current year. IITI Date Original Acquired 5/12/17 Asset Date Sold Convention Basis Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) $ 82,500 99,500 42,000 298,600 102,000 7/15/21 HY 3/23/18 3/15/21 MQ 9/17/19 3/13/21 HY 10/11/20 8/21/21 MQ 10/11/21 12/15/21 HY *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.) Depreciation deduction
TABLE 2a MACRS Mid-Quarter Convention: For property placed in service during the first quarter TABLE 2b MACRS Mid-Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 16.76 Year 4 11.37 11.97 Year 5 11.37 8.87 Year 6 4.26 8.87 Year 7 8.87 Year 8 3.34 TABLE 2e MACRS Mid-Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.00% 10.71% Year 2 34.00 25.51 Year 3 20.40 18.22 Year 4 12.24 13.02 Year 5 11.30 9.30 Year 6 7.06 8.85 Year 7 8.86 Year 8 5.53 TABLE 2d MACRS-Mid Quarter Convention: For property placed in service during the fourth quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 5.00% 3.57% Year 2 38.00 27.55 Year 3 22.80 19.68 Year 4 13.68 14.06 Year 5 10.94 10.04 Year 6 9.58 8.73
Way Corporation disposed of the following tangible personal property assets in the current year. Asset Date Acquired Date Sold Convention Original Basis Furniture (7-year) 5/12/2018 7/15/2022 HY $ 112,500 Machinery (7-year) 3/23/2019 3/15/2022 MQ 129,500 Delivery truck* (5-year) 9/17/2020 3/13/2022 HY 66,000 Machinery (7-year) 10/11/2021 8/11/2022 MQ 329,800 Computer (5-year) 10/11/2022 12/15/2022 HY 126,000 *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore §179 expense and bonus depreciation for this problem).
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/2018 3/23/2019 Original Basis $ 87,500 104,500 46,000 303,800 9/17/2020 10/11/2021 10/11/2022 106,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year). Date Sold 7/15/2022 3/15/2022 3/13/2022 8/11/2022 12/15/2022 Depreciation deduction Convention HY MQ HY MQ Machinery (7-year); Computer (5-year) *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2022 depreciation deduction (ignore 5179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2. and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
Asset Date Acquired Way Corporation disposed of the following tangible personal property assets in the current year. Original Basis Date Sold Furniture (7-year) 5/12/19 7/15/23 Convention HY $ 82,500 Machinery (7-year) 3/23/20 3/15/23 MQ 99,500 Delivery truck* (5-year) 9/17/21 3/13/23 HY 42,000 pped Machinery (7-year) 10/11/22 8/11/23 MQ 298,600 Computer (5-year) 10/11/23 12/15/23 HY 102,000 Book *Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount. Depreciation deduction
Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/19 Original Basis $ 55,000 72,000 20,000 270,000 3/23/20 9/17/21 10/11/22 10/11/23 80,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-year) Machinery (7-year) Computer (5-year) *Used 100 percent for business. Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Depreciation deduction Convention HY MQ ELEGE HY MQ HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore §179 expense and bonus depreciation for this problem). (Use MACRS Table 1. Table 2, and Exhibit 10-6.) Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
Chaz Corporation has taxable income in 2023 of $1,312,250 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Service September 12 February 10 August 21 September 30 Basis $ 790,000 940,000 78,000 1,509,000 $ 3,317,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction
Chaz Corporation has taxable income in 2023 of $1,312,750 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Maximum total depreciation deduction Basis $ 810,000 960,000 98,000 1,529,000 $ 3,397,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Assessment Tool iFrame Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
k 1 nces Way Corporation disposed of the following tangible personal property assets in the current year. Date Acquired 5/12/19 Original Basis 3/23/20 $ 100,000 117,000 56,000 9/17/21 10/11/22 316,800 10/11/23 116,000 Asset Furniture (7-year) Machinery (7-year) Delivery truck* (5-ear) Machinery (7-year) Computer (5-year) Date Sold 7/15/23 3/15/23 3/13/23 8/11/23 12/15/23 Depreciation deduction Convention HY MQ HY MQ HY Used 100 percent for business. Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2023 depreciation deduction (ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1 Table 2, and Exhibit 10-6.) ***** Note: Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.
Assume that ACW Corporation has 2023 taxable income of $1,600,000 for purposes of computing the $179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Placed in Service 12-September Basis $ 480,000 10-February 80,000 Delivery truck 21-August Qualified real property (MACRS, 15 year, 02-April 150% DB) Total 103,000 1,390,000 $ 2,053,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 $ 1,160,000 b. Maximum total deductible depreciation for 2023 $ 1,269,376
Chaz Corporation has taxable income in 2023 of $1,313,250 for purposes of computing the §179 expense and acquired the following assets during the year: Asset office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Basis $ 830,000 980,000 118,000 1,549,000 $ 3,477,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your Intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction Answer is complete but not entirely correct. $ 2,005,450
Problem 10-50 (LO 10-2) (Algo) Way Corporation disposed of the following tangible personal property assets in the current year. Asset Furniture (7-year) Machinery (7-year) Delivery truck (5-year). Machinery (7-year) Computer (5-year) "Used 100 percent for business. Date Acquired 5/12/17 3/23/18 9/17/19 10/11/20 10/11/21 Date Sold 7/15/21 3/15/21 3/13/21 8/24/21 12/15/21 Convention Original Basis $ 90,000 HY 107,000 48,000 306,400 108,000 Answer is complete but not entirely correct. Depreciation deduction $ 34,877 P1Q HY HY Assume that the delivery truck is not a luxury auto. Calculate Way Corporation's 2021 depreciation deduction (ignore $179 expense and bonus depreciation for this problem). (Use MACRS Table 1, Table 2. and Exhibit 10-6) (Round your intermediate dollar calculations and final answer to the nearest whole dollar amount.)