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May I know what is the correct amortization for this year in the form 4562? Thank you! Required information [The following information applies to the
May I know what is the correct amortization for this year in the form 4562?
Thank you!
Required information [The following information applies to the questions displayed below.) While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Computers (5-year) Office equipment (7-year) Furniture (7-year) Start-up costs Purchase Date October 30, Y1 October 30, Y1 October 30, Y1 October 30, Y1 Basis $ 15,000 10,000 3,000 17,000 In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow information systems students preparing to graduate. The customer list cost $10,000, and the sale was completed on April 30. During their summer break, Dallin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation. In the summer, they purchased a small van (for transportation, not considered a luxury auto) and a pinball machine (to help attract new employees). They bought the van on June 15, Y2, for $15,000 and spent $3,000 getting it ready to put into service. The pinball machine cost $4,000 and was placed in service on July 1. Y2. Year 2 Assets Purchase Date Basis + $ 18,000 Van June 15, Y2 Pinball machine (7-year) July 1, Y2 4,000 Customer list April 30, Y2 10,000 Assume that eSys Answers does not claim any $179 expense or bonus depreciation. (Use MACRS Table 1. Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answers to the nearest whole dollar amount.) b. Complete eSys Answers's Form 4562 for Y1. S/L- S/L- S/L- 28 0 e 1 29 Section B-Information on Use of Vehicles e 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 (a) Vehicle 1 (b) Vehicle 2 (c) Vehicle 3 (d) Vehicle 4 (0Vehicle 6 (e) Vehicle 5 0 0 0 0 No 0 No 0 No Yes Yes Yes No Yes No Yes No Yes -Questions for Employers Who Provide Vehicles for Use by Their Employees ection B for vehicles used by employees who aren't more than 5% owners or related persons see instructions Yes No vehicles, including commuting by your employees? hicles, except commuting, by your employees? See the instructions for vehicles used 00000 non from your employees about the use of the vehicles, and retain the information received? tion use? See instructions on B for the covered vehicles (b) Date amortization begins (C) Amortizable amount (d) Code section (e) Amortization period or percentage O Amortization for this year ons) 10/30/41 17,000 195 15 Years 200 > 43 44 200 Form 4562 (2018) J.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2020 McGraw-Hill Education.Step by Step Solution
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