Course: 2024SP My Home X CengageNOWv2 Instructions for F X AUTOMOBILE X TABLE 8.1 C TABLES 8.2, 8.3 + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assignment-take&inprogress=false Homework - Chapter 8 Problem 8-14 eBook Print Item Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5) During 2022, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business: Item Date Acquired Cost Manufacturing equipment (7 year) June 2 $60,000 Office furniture September 15 Office computer November 18 10,000 1,600 Passenger automobile (used 90 percent for business) Warehouse May 31 May 9 55,000 > Building Land 180,000 135,000 Pepe uses the accelerated depreciation method under MACRS and takes bonus depreciation. Complete Form 4562, Depreciation and Amortization to determine the depreciation expense. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Enter amounts as positive numbers. Click here to access the depreciation tables and here to view Table 8.1: Recovery Periods for Assets Placed in Service After 1986 and Annual automobile depreciation limitations. OMB No. 1545-0172 Form 4562 Check My Work Depreciation and Amortization 9OM hp 2022 Previous Next CA 2 Mar 7 7:01 Course: 2024SP My Home X CengageNOWv2 C X Instructions for F X AUTOMOBILE X TABLE 8.1 TABLES 8.2, 8.3 + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assignment-take&inprogress=false Homework - Chapter 8 > eBook Print Item Name(s) shown on return Pepe Guardio Part I Business or activity to which this form relates Manufacturing Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Part I. Identifying number 1 Maximum amount (see instructions) 1 2 Total cost of section 179 property placed in service (see instructions) N E 3 Threshold cost of section 179 property before reduction in limitation (see instructions) 3 TOWE 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- . . 5 6 4 5 (c) Elected cost Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see instructions (a) Description of property (b) Cost (business use only) 7 8 00 7 Listed property. Enter the amount from line 29 E 43 TWE EN 8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 15 34 9 Tentative deduction. Enter the smaller of line 5 or line 8 10 Carryover of disallowed deduction from line 13 of your 2021 Form 4562 NE 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instructions 12 Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11 13 Carryover of disallowed deduction to 2023. Add lines 9 and 10, less line 12.. Mola. Danite IT-TIT below for listed pronatu Check My Work M hp 9 10 11 12 13 Previous OA 2 Mar 7 M * Th Course: 2024SF My Home CengageNOWv2 x Instructions for F x AUTOMOBILE TABLE 8.1 C TABLES 8.2, 8.3 * + v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assignment-take&inprogress=false Homework - Chapter 8 eBook Note: Don't use Part II or Part III below for listed property. Instead, use Part V. Part II Print Item Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.) 14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year. See instructions. 15 Property subject to section 168(f)(1) election 16 Other depreciation (including ACRS) ME 4 E 1 NO N E Part III MACRS Depreciation (Don't include listed property. See instructions.) Section A MACRS deductions for assets placed in service in tax years beginning before 2022 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here Section B-Assets Placed in Service During 2022 Tax Year Using the General Depreciation System (a) Classification of property (b) Month and year placed in service 19a 3-year property b 5-year property c 7-year property d 10-year property e 15-year property Check My Work 14 15 16 ZT (c) Basis for depreciation (business/investment use only-see (d) Recovery period (e) (f) Convention Method (g) Depreciation deduction instructions) 9 0 Previous OA O Mar 7 Next Tn Course: 2024SF X My Home C CengageNOWv2 x Instructions for F X AUTOMOBILE TABLE 8.1 TABLES 8.2, 8.3 x + v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take&inprogress=false Homework - Chapter 8 eBook g 25-year property Print Item 25 yrs. S/L h Residential rental 27.5 yrs. MM S/L property 27.5 yrs. MM S/L I Nonresidential real 05/22 180,000 39 yrs. MM S/L 2,889 property MM S/L Section C-Assets Placed in Service During 2022 Tax Year Using the Alternative Depreciation System 20a Class life S/L b 12-year 12 yrs. S/L c 30-year 30 yrs. MM S/L d 40-year 40 yrs. MM S/L Part IV Summary (See instructions.) 21 21 Listed property. Enter amount from line 28... NO 100 N TE N S 22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations-see instructions. 22 23 For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs.. 23 IN NO For Paperwork Reduction Act Notice, see separate Instructions. Cat. No. 12906N Form 4562 (2022) Form 4562 (2022) Check My Work 9 hp Page 2 Previous OA2 Mar 7 Nex Th Course: 2024SP X My Home CengageNOWv2 * Instructions for F X AUTOMOBILE TABLE 8.1 X TABLES 8.2, 8.3 x + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take&inprogress=false O Homework - Chapter 8 Part V eBook Print Item Listed Property (Include automobiles, certain other vehicles, certain aircraft, and property used for entertainment, recreation, or amusement.) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable. 24a Do you have evidence to support the business/investment use claimed? Yes Section A-Depreciation and Other Information (Caution: See the instructions for limits for passenger automobiles. ) 24b If "Yes," is the evidence written? Yes No No (a) (b) (c) (d) (e) (f) (g) (h) (1) Type of property (list vehicles first) Date placed in service Business/ investment use Cost or other basis Basis for depreciation (business/ investment Recovery period Method/ Convention Depreciation deduction Elected section 179 cost percentage use only) > 25 Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a qualified business use. See instructions 25 26 Property used more than 50% in a qualified business use: % Passenger automobile 05/22 90 V % 55,000 5 yrs. HY 0 % 27 Property used 50% or less in a qualified business use: Check My Work % hp S/L- A Previous COA O Next Mar 7 7:02 Tn Course: 2024SF My Home CengageNOWv2 Instructions for F | AUTOMOBILE TABLE 8.1 TABLES 8.2, 8.3 * + v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take&inprogress=false Homework - Chapter 8 eBook % % Print Item S/L- S/L - 28 28 Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1 29 Add amounts in column (i), line 26. Enter here and on line 7, page 1 SOME DATE NE Section B-Information on Use of Vehicles 29 Complete this section for vehicles used by a sole proprietor, partner, or other "more than 5% owner," or related person. If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles. 30 Total business/investment miles driven during the year (don't include commuting miles). (a) Vehicle 1 (b) (c) (d) (e) (f) Vehicle 2 Vehicle 3 Vehicle 4 Vehicle 5 Vehicle 6 31 Total commuting miles driven during the year > 32 Total other personal (noncommuting) miles driven.... 33 Total miles driven during the year. Add lines 30 through 32 34 Was the vehicle available for personal use during off-duty hours?...... Yes No Yes No Yes No Yes No Yes No Yes No 35 Was the vehicle used primarily by a more than 5% owner or related person?.. 36 Is another vehicle available for personal use? . Section C-Questions for Employers Who Provide Vehicles for Use by Their Employees Check My Work Previous OA2 Mar 7 N