9-11 pls

1-7 pls

7. iristeders el ors duty thet Audrey would 1 car on drity 1 . Abetre December 7 results in her depteckation dedukulion a. Decreasing by 50% b. Decreasing by 86.7% c. Decreasing by 75% d. Decreasing to Zero e. Not changing Assume instead that Audrey purchased this car on February in is 1, instead of on July 1, Year 1. Relative to the amount of depretalion that Audrey would have been able to claim if she had purchiased this car on July 1 , Audrey's decision to make this purchase on Fetaruary results in her depreciation deduction: a. Increasing by 50% b. Increasing by 66.7% Campanella is a self-employed soreenwiter of thewis scripts the purchawis Writing movistica computer for $5,000 during rear 1andusadinsole fair market value of the computer on the computer. He estimates that the Cannot provide any objective evidence or documentation concerning that value. 10. By what amount, if any, does this theft reduces Campanella's Adjusted Gross income in Year 2? 11. Assume instead that Campanella did have insurance coverage on this computer and that he received $4,700 of insurance proceeds during Year 2 due to the theft of this computer. He reinvested $3,800 of the proceeds in a replacement computer the same year and properly elects the special "involuntary conversion" recognition rules Do these events affect Campanella's gross income in Year 2? 9 Assume instead that Audrey, during Year 1 , worked as an administrative assistant at a software company and solely drove this Dizza business during Year 1.) On January 1, Year 2, Audrey started her own pizza business and began using this car solely for making pizza deliveries. By what amount, if any, does depreciation on this car in year 2 reduce Audrey's taxable income in Year 2? e following information applies to questions 1013: The following information applies to questions 1-9: Audrey owns and operates her own pizza delivery business. Audrey bought a small car on July 1 , Year 1 for $25,000. She uses this car solely for business purposes. According to IRS tables, the depreciation factors applicable to this car are "Year 1: .20" and "Year 2: 32." (Section 179 is not elected.) The fair market value of this car on January 1, Year 2 was $17,000. In Year 1, and again in Year 2, Audrey, a single taxpayer, has AGI of $40,000, no property transactions and \$9,000 of itemized deductions (attributable solely to interest paid on her home mortgage and to California ax payments), exclusive of the following. Each of the following is an dependent case. S40.000, no property transactions and 39.000 of iternitert thechur airmer catfributable solely to interest paid on her home mortgarge and the thationtis tax peyments), exclusive of the following. Each of the follenitis is an independent case. 1. By what amount, if any, does depreciation on this car in fear i reduce Audrey's Adjusted Gross Income in Year 1 ? 2. Assume instead that Audrey purchased this car on December 1 . Y ear 1, instead of on July 1, Year 1. Relative to the amount of depreciation that Audrey would have been able to claim if she had purchased this car on July 1, Audrey's decision to delay this purchase until December 1 results in her depreciation deduction: a. Decreasing by 50% b. Decreasing by 66.7% c. Decreasing by 75% d. Decreasing to Zero e. Not changing 3. Assume instead that Audrey purchased this car on February le leat 1, instead of on July 1 , Year 1 . Relative to the amount of decreceraton) car on July 1, Audrey's decision to claim if she had purchased this results in her depreciation deduction: a. Increasing by 50% b. Increasing by 66.7% C. Increasing by 75% d. Increasing by 100% (that is, doubling) e. Not changing 4. Would Audrey have qualified to claim the Section 179 election on this car during Year 1? a. Definitely yes b. Definitely no c. Yes, if she had purchased the car on or before July 1 d. Yes, if she had purchased the car on or before November 1 the maximum deduction under Section 179 that Audrey cona ingoth 6. The depreciation factors stated in this question appear to reflect that this car is: a. Subject to the mid-quarter convention (b) Classified as "5-year depreciable property" c. Classified as "7-year depreciable propert"" d. Not being depreciated in accordance with accelerated depreciation principles, as applied under the tax law Assume that, during Year 1, Audrey used this car for personal purposes one-half of the time and business purposes in operating her pizza business the other one-half of the time. If Audrey sells this car on January 1, Year 2, for $15,000, how much loss may she recognize on the sale for tax purposes? 7. iristeders el ors duty thet Audrey would 1 car on drity 1 . Abetre December 7 results in her depteckation dedukulion a. Decreasing by 50% b. Decreasing by 86.7% c. Decreasing by 75% d. Decreasing to Zero e. Not changing Assume instead that Audrey purchased this car on February in is 1, instead of on July 1, Year 1. Relative to the amount of depretalion that Audrey would have been able to claim if she had purchiased this car on July 1 , Audrey's decision to make this purchase on Fetaruary results in her depreciation deduction: a. Increasing by 50% b. Increasing by 66.7% Campanella is a self-employed soreenwiter of thewis scripts the purchawis Writing movistica computer for $5,000 during rear 1andusadinsole fair market value of the computer on the computer. He estimates that the Cannot provide any objective evidence or documentation concerning that value. 10. By what amount, if any, does this theft reduces Campanella's Adjusted Gross income in Year 2? 11. Assume instead that Campanella did have insurance coverage on this computer and that he received $4,700 of insurance proceeds during Year 2 due to the theft of this computer. He reinvested $3,800 of the proceeds in a replacement computer the same year and properly elects the special "involuntary conversion" recognition rules Do these events affect Campanella's gross income in Year 2? 9 Assume instead that Audrey, during Year 1 , worked as an administrative assistant at a software company and solely drove this Dizza business during Year 1.) On January 1, Year 2, Audrey started her own pizza business and began using this car solely for making pizza deliveries. By what amount, if any, does depreciation on this car in year 2 reduce Audrey's taxable income in Year 2? e following information applies to questions 1013: The following information applies to questions 1-9: Audrey owns and operates her own pizza delivery business. Audrey bought a small car on July 1 , Year 1 for $25,000. She uses this car solely for business purposes. According to IRS tables, the depreciation factors applicable to this car are "Year 1: .20" and "Year 2: 32." (Section 179 is not elected.) The fair market value of this car on January 1, Year 2 was $17,000. In Year 1, and again in Year 2, Audrey, a single taxpayer, has AGI of $40,000, no property transactions and \$9,000 of itemized deductions (attributable solely to interest paid on her home mortgage and to California ax payments), exclusive of the following. Each of the following is an dependent case. S40.000, no property transactions and 39.000 of iternitert thechur airmer catfributable solely to interest paid on her home mortgarge and the thationtis tax peyments), exclusive of the following. Each of the follenitis is an independent case. 1. By what amount, if any, does depreciation on this car in fear i reduce Audrey's Adjusted Gross Income in Year 1 ? 2. Assume instead that Audrey purchased this car on December 1 . Y ear 1, instead of on July 1, Year 1. Relative to the amount of depreciation that Audrey would have been able to claim if she had purchased this car on July 1, Audrey's decision to delay this purchase until December 1 results in her depreciation deduction: a. Decreasing by 50% b. Decreasing by 66.7% c. Decreasing by 75% d. Decreasing to Zero e. Not changing 3. Assume instead that Audrey purchased this car on February le leat 1, instead of on July 1 , Year 1 . Relative to the amount of decreceraton) car on July 1, Audrey's decision to claim if she had purchased this results in her depreciation deduction: a. Increasing by 50% b. Increasing by 66.7% C. Increasing by 75% d. Increasing by 100% (that is, doubling) e. Not changing 4. Would Audrey have qualified to claim the Section 179 election on this car during Year 1? a. Definitely yes b. Definitely no c. Yes, if she had purchased the car on or before July 1 d. Yes, if she had purchased the car on or before November 1 the maximum deduction under Section 179 that Audrey cona ingoth 6. The depreciation factors stated in this question appear to reflect that this car is: a. Subject to the mid-quarter convention (b) Classified as "5-year depreciable property" c. Classified as "7-year depreciable propert"" d. Not being depreciated in accordance with accelerated depreciation principles, as applied under the tax law Assume that, during Year 1, Audrey used this car for personal purposes one-half of the time and business purposes in operating her pizza business the other one-half of the time. If Audrey sells this car on January 1, Year 2, for $15,000, how much loss may she recognize on the sale for tax purposes