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Please help! here is a more clear picture of the questions In 2014, Ben purchased a house for $295,000. After review of the citys appraisal,
Please help!
here is a more clear picture of the questions
In 2014, Ben purchased a house for $295,000. After review of the citys appraisal, $20,000 was allocated to the land. He used the house as his personal residence. On February 1st of this year, when the fair market value of the house was $330,000, he converted the house to rental property. What is Ben's depreciation deduction for the year? [Use the tables provided in Blackboard]
$8,751
$9,387
$10,501
$9,864
Zane reports the following with respect to his granite quarry for the year:
Capitalized basis of the quarry $3,575,000
Estimated recoverable units 1,710,000
Units extracted 150,000
Gross income (120,000 units) 1,800,000
Expenses other than depletion 1,300,000
IRC depletion rate for granite 14%
What is Zane's depletion deduction for the year?
$252,000
$313,500
$250,000
$250,800
ON MAY 5TH, NICK PURCHASED AND PLACED INTO SERVICE A NEW $40,000 CAR [5-YEAR CLASS LIFE] WITH A GVW OF 5,000. THE CAR WAS USED 60% FOR BUSINESS AND 40% FOR PERSONAL USE. NICK DID NOT ELECT 179 IMMEDIATE EXPENSING BUT UTILIZED FIRST-YEAR BONUS DEPRECIATION. ASSUMING THE HALF-YEAR CONVENTION APPLIES, WHAT IS HIS DEPRECIATION EXPENSE?
$10,920
$8,000
$18,200
$4,800
SUE WAS CONSIDERING STARTING A NEW BUSINESS. DURING HER PRELIMINARY INVESTIGATION RELATED TO THE NEW VENTURE, SHE INCURRED THE FOLLOWING EXPENDITURES:
SALARIES $21,500
TRAVEL 19,000
INTEREST 3,000
PROFESSIONAL FEES 12,500
SUE BEGINS THE BUSINESS ON MAY 1ST AND ELECTS 195 TREATMENT FOR HER STARTUP EXPENDITURES. WHAT IS HER TOTAL AMORTIZATION DEDUCTION FOR STARTUP EXPENDITURES FOR THE YEAR?
$2,000
$4,267
$5,833
$5,000
please refer to the written out questions
MHCRS DEPRECIATION SYSTEM Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Vaar Caniantian IRS Publication 946 A. 2. 3-, 5r, 7o, 10-, 15r, and 20-Year Property Tatin A33+,5=7+,10,15 and ab- year Property Mid-Crusiter Corventish Blackboured 58,75139,117510,38159,204 52520005313500525010005240100 sta2,920 518,200 MHCRS DEPRECIATION SYSTEM Table A-1. 3-, 5-, 7-, 10-, 15-, and 20-Year Property Half-Vaar Caniantian IRS Publication 946 A. 2. 3-, 5r, 7o, 10-, 15r, and 20-Year Property Tatin A33+,5=7+,10,15 and ab- year Property Mid-Crusiter Corventish Blackboured 58,75139,117510,38159,204 52520005313500525010005240100 sta2,920 518,200 Step by Step Solution
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