{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:43:56-04:00", "answer_date": "2024-06-28 09:43:56", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4286850", "url": "\/study-help\/questions\/jeremy-is-the-sole-proprietor-of-a-small-businessin-2019-4286850", "question_creation_date_js": "2024-06-28T09:43:56-04:00", "question_creation_date": "Jun 28, 2024 09:43 AM", "meta_title": "[Solved] Jeremy is the sole proprietor of a small | SolutionInn", "meta_description": "Answer of - Jeremy is the sole proprietor of a small business.In 2019, the business income for purposes of computing the Section 1 | SolutionInn", "meta_keywords": "jeremy,sole,proprietor,small,business,2019,income,purposes,computing,section,179,deduction", "question_title_h1": "Jeremy is the sole proprietor of a small business.In 2019, the business income for purposes of computing the Section 179 deduction is $350,000.During the year,", "question_title": "Jeremy is the sole proprietor of a small business.In 2019, the business", "question_title_for_js_snippet": "Jeremy is the sole proprietor of a small business In 2019, the business income for purposes of computing the Section 179 deduction is $350,000 During the year, the following assets were placed in service (Assume no bonus depreciation) Asset 1 Machinery $1,790,000 Asset 2 Equipment $365,000 Asset 3 Computer $96,000 Asset 4 Equipment $468,000 a) Calculate the amount of the phase out limitation b) What is the maximum amount of Section 179 depreciation Frank is eligible to take ", "question_description": "

Jeremy is the sole proprietor of a small business.In 2019, the business income for purposes of computing the Section 179 deduction is $350,000.During the year, the following assets were placed in service.(Assume no bonus depreciation)<\/strong><\/p>

<\/p>

Asset # 1 - Machinery- $1,790,000 <\/strong><\/p>

Asset # 2 - Equipment - $365,000 <\/strong><\/p>

Asset # 3 - Computer - $96,000 <\/strong><\/p>

Asset # 4 - Equipment - $468,000 <\/strong><\/p>

<\/p>

a) Calculate the amount of the phase out limitation?<\/strong><\/p>

<\/p>

b) What is the maximum amount of Section 179 depreciation Frank is eligible to take?<\/strong><\/p>", "transcribed_text": "", "related_book": { "title": "Core Macroeconomics", "isbn": "978-1429278478, 1429278471, 978-1429278492, 1429278498, 1464191433, 978-1464191435", "edition": "3rd edition", "authors": "Eric Chiang", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/648.jpg", "uri": "\/textbooks\/core-macroeconomics-3rd-edition-648", "see_more_uri": "" }, "free_related_book": { "isbn": "1021669776", "uri": "\/textbooks\/the-historical-development-of-child-labor-legislation-in-the-united-states-1st-edition-978-1021669773-310598", "name": "The Historical Development Of Child Labor Legislation In The United States", "edition": "1st Edition" }, "question_posted": "2024-06-28 09:43:56", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/liquid-crystal-display-corporation-lcd-a-korean-multinational-firm-reported", "description": "Liquid Crystal Display Corporation (LCD), a Korean multinational firm, reported an ending balance for Prepayments of KRW345,609 million for the year ending December 31, 2012. 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