Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson,
Question:
Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are:
On June 1 of this year, Sherry purchased the following new assets for the store:
The truck is not considered a passenger automobile for purposes of the luxury automobile limitations.
Required: The business has MACRS depreciation of $3,651 on assets placed in service prior to 2016. Sherry uses bonus depreciation but does not make the election to expense, complete her 2016 Schedule C and Form 4562 on Pages 7-39 to 7-42. Make realistic assumptions about any missing data.
Step by Step Answer:
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller