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Alsaadi [1] Trout Company purchased an Orange XTZ computer in Year 1 for $30,000. Trout did not elect a Sec. 179 deduct or bonus
Alsaadi [1] Trout Company purchased an Orange XTZ computer in Year 1 for $30,000. Trout did not elect a Sec. 179 deduct or bonus depreciation for the computer, which has an ADR midpoint life of 6 years and is 5-year recovery period property. Trout sold this computer on September 1, Year 3. What is the amount of Trout's MACRS deduction in Year A. $0 B $3,840 C. $5,760 D. $2,880 [2] John and Norma Hamilton are cash-basis taxpayers. During the current year, they paid the following taxes: State gift taxes State motor vehicle tax on value of automobile State income tax Estimated state income tax $650 250 include 400 900 350 State inheritance tax What amount can the Hamiltons claim as an itemized deduction on their current-year federal tax return? A. $2,550 B. $1,300 $1,550 D$1,650 [3] During the current year, Henry Taylor fell off his roof and was hospitalized. While in the hospital, Henry paid the following expenses: Medical services Meals Room charge $1,800 500 2,900 In addition, he paid the following expenses in the current year: Vitamins for general health Chiropractor's fee Weight-loss program Contact lenses $ 70 450 400 350 Henry paid $800 for medical insurance premiums and was reimbursed $2,000 by his insurance company for the above expenses. His adjusted gross income was $20,000 in the current year. What is Henry's current-year medical deduction for Schedule A? A. $2,970 B. $4,800 C. $3,300 D. $2,500
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