... 3. 4 .. + - 1 Aggie Longhorn, a single taxpayer, with no dependents lives in College Station, TX. Aggie provided the following information: Social security: 121-21-2121. Birthdate: 12/12/1970 Aggie's mailing address is 12 Bonfire Lane, College Station, TX 85014 Aggie has health insurance coverage during the entire year. . Aggie owns Reveille Enterprises, a cash basis, Sch C sole-proprietorship (business code: 518210) that began business on January 15, 2018. In the process of setting up the business, Reveille has acquired various types of assets. Below is a list of assets acquired during 2018: Asset Office furniture Machinery (apply $179) Computers Cost $150,000 1,560,000 40,000 Date Place in Service 02/03/2018 07/22/2018 08/17/2018 The business has the following income and expenses: I Gross receipts Accounting Utilities Contract labor Rent (Other $3,540,000 25,000 107,500 210,000 270,000 The business would like to take the maximum amount of depreciation including $179 expense (on the machinery). $179 for 2018 is $1,000,000. The business chooses to not take the bonus depreciation Prepare a Form 1040, Sch C and Form 4562. b) The 2018 depreciation deduction is $179 Description Asset Life Cost MACRS Basis MACRS Rate Current MACRS Depreciation Total Depreciation Deduction Expense Ofice furniture Machinery Computers Totals b) Determine Sch C Profit or (Loss). Gross receipts Accounting Utilities Contract labor Rent (Other) Depreciation Profit or (Loss) ... 3. 4 .. + - 1 Aggie Longhorn, a single taxpayer, with no dependents lives in College Station, TX. Aggie provided the following information: Social security: 121-21-2121. Birthdate: 12/12/1970 Aggie's mailing address is 12 Bonfire Lane, College Station, TX 85014 Aggie has health insurance coverage during the entire year. . Aggie owns Reveille Enterprises, a cash basis, Sch C sole-proprietorship (business code: 518210) that began business on January 15, 2018. In the process of setting up the business, Reveille has acquired various types of assets. Below is a list of assets acquired during 2018: Asset Office furniture Machinery (apply $179) Computers Cost $150,000 1,560,000 40,000 Date Place in Service 02/03/2018 07/22/2018 08/17/2018 The business has the following income and expenses: I Gross receipts Accounting Utilities Contract labor Rent (Other $3,540,000 25,000 107,500 210,000 270,000 The business would like to take the maximum amount of depreciation including $179 expense (on the machinery). $179 for 2018 is $1,000,000. The business chooses to not take the bonus depreciation Prepare a Form 1040, Sch C and Form 4562. b) The 2018 depreciation deduction is $179 Description Asset Life Cost MACRS Basis MACRS Rate Current MACRS Depreciation Total Depreciation Deduction Expense Ofice furniture Machinery Computers Totals b) Determine Sch C Profit or (Loss). Gross receipts Accounting Utilities Contract labor Rent (Other) Depreciation Profit or (Loss)
