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import plz work this if you can, will get a lot ***** homework, take time. Green Corporation, a calendar year, accrual method C-corporation, purchased and
import plz work this if you can, will get a lot ***** homework, take time.
Green Corporation, a calendar year, accrual method C-corporation, purchased and placed in service (PIS) the following new assets on the following dates: PIS Date 3/20/2020 7/15/2020 9/14/2020 Asset Computers Gen. manufacturing equipment Manufacturing building Cost $500,000 $2,300,000 $9,000,000 Green Corporation purchased no other assets during 2020, and its net income for 2020 is $30,000,000 before taking cost recovery deductions into account. B. What is the federal cost recovery deduction Green Corporation may take in 2021 on the computer asset? (NOTE: You do not need to calculate the federal cost recovery deduction on the other assets placed in 2020). Please show your work and explain your calculations. C. What is Green Corporation's adjusted basis in the computers at the end of 2021? (NOTE: You do not need to calculate adjusted basis on the other assets placed in service in 2020). Please show your work and explain your calculations. D. How would your answer to question 2(a) above change if Green Corporation did NOT elect out of bonus depreciation in 2020? That is, what is the maximum federal cost recovery deduction Green Corporation may take in 2020, assuming the company elects $179 expense and does NOT elect out of bonus depreciation? Please show your work and explain your calculations. Green Corporation, a calendar year, accrual method C-corporation, purchased and placed in service (PIS) the following new assets on the following dates: PIS Date 3/20/2020 7/15/2020 9/14/2020 Asset Computers Gen. manufacturing equipment Manufacturing building Cost $500,000 $2,300,000 $9,000,000 Green Corporation purchased no other assets during 2020, and its net income for 2020 is $30,000,000 before taking cost recovery deductions into account. B. What is the federal cost recovery deduction Green Corporation may take in 2021 on the computer asset? (NOTE: You do not need to calculate the federal cost recovery deduction on the other assets placed in 2020). Please show your work and explain your calculations. C. What is Green Corporation's adjusted basis in the computers at the end of 2021? (NOTE: You do not need to calculate adjusted basis on the other assets placed in service in 2020). Please show your work and explain your calculations. D. How would your answer to question 2(a) above change if Green Corporation did NOT elect out of bonus depreciation in 2020? That is, what is the maximum federal cost recovery deduction Green Corporation may take in 2020, assuming the company elects $179 expense and does NOT elect out of bonus depreciation? Please show your work and explain your calculationsStep by Step Solution
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