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QUESTION 7 Helen has the following foxed asset transactions in 2019: 1. Acquires a 7 year class property asset on November 19, 2019 at a cost of $100,000 2. On October 30, 2019 sells an apartment building sales price $1,500,000) that was acquired on March 3, 2017 (acquisition cost $1,000,000). The above is the only property that Helen owns. She does not/did not elect Section 179 or Additional First-Year Bonus Depreciation Additionally, Helen starts a business, opening her doors on August 1, 2019. Her start-up costs totaled 52,500. Answer the following questions. Show all your analysis and computations for full and partial credit. a. What amount of her start-up costs is Helen allowed to deduct on her 2019 return? b. Determine Helen's total cost recovery deduction for 2019 for the 7 year class property. c. Determine Helen's total cost recovery deduction for 2017 for the apartment building. d. Determine Helen's total cost recovery deduction for 2019 for the apartment building. TTT Ariel - 312 Pathp Words: QUESTION 8 if you did your work on paper, upload the document here Attach File Browse My Computer Browse Content Collection QUESTION 9 Tree purchased the rights to a mineral interest for $3,600,000, and estimated that the recoverable units would be 600,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Vem incurred expenses of $500,000. The percentage depletion rate is 22%. Determine Ver's depletion deduction for 2020. $150,000 $175.000 $170,000 $250,000 QUESTION 10 Federation United is developing a new ship, and incurs the following expenses associated with the project in 2019: Salaries: $100,000 Materials: $470,000 Depreciation: $40,000 Federation United projects that they will start getting benefits from this project in August of 2020. Per corporate policy, Federation United elects the shortest amortization period possible. a. If the taxpayer elects the expense method, what is the allowable R&D expense for 2019 and 2020 associated with these costs? In one sentence, explain why a taxpayer would elect this method over the other methods. b. If the taxpayer elects the Deferral and Amortization Method, what is the allowable RBD expense for 2019 and 2020 associated with these costs? In one sentence, explain why a taxpayer would elect this method over the other methods C. Assume that the R&D expenses occur in 2022. List and describe limit to 2 sentences for each method) the different tax treatments available for the taxpayer. TTT Antal - 3 [12pt - T. Path: Words: QUESTION 11 Creighton purchased a competitor's business on July 23, 2019 for 2,539,975. Book value of the assets was 1,550,000 and the fair market value of the assets was 1,900,000. What is the amount of goodwill that Creighton can amortize in 2020? QUESTION 7 Helen has the following foxed asset transactions in 2019: 1. Acquires a 7 year class property asset on November 19, 2019 at a cost of $100,000 2. On October 30, 2019 sells an apartment building sales price $1,500,000) that was acquired on March 3, 2017 (acquisition cost $1,000,000). The above is the only property that Helen owns. She does not/did not elect Section 179 or Additional First-Year Bonus Depreciation Additionally, Helen starts a business, opening her doors on August 1, 2019. Her start-up costs totaled 52,500. Answer the following questions. Show all your analysis and computations for full and partial credit. a. What amount of her start-up costs is Helen allowed to deduct on her 2019 return? b. Determine Helen's total cost recovery deduction for 2019 for the 7 year class property. c. Determine Helen's total cost recovery deduction for 2017 for the apartment building. d. Determine Helen's total cost recovery deduction for 2019 for the apartment building. TTT Ariel - 312 Pathp Words: QUESTION 8 if you did your work on paper, upload the document here Attach File Browse My Computer Browse Content Collection QUESTION 9 Tree purchased the rights to a mineral interest for $3,600,000, and estimated that the recoverable units would be 600,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Vem incurred expenses of $500,000. The percentage depletion rate is 22%. Determine Ver's depletion deduction for 2020. $150,000 $175.000 $170,000 $250,000 QUESTION 10 Federation United is developing a new ship, and incurs the following expenses associated with the project in 2019: Salaries: $100,000 Materials: $470,000 Depreciation: $40,000 Federation United projects that they will start getting benefits from this project in August of 2020. Per corporate policy, Federation United elects the shortest amortization period possible. a. If the taxpayer elects the expense method, what is the allowable R&D expense for 2019 and 2020 associated with these costs? In one sentence, explain why a taxpayer would elect this method over the other methods. b. If the taxpayer elects the Deferral and Amortization Method, what is the allowable RBD expense for 2019 and 2020 associated with these costs? In one sentence, explain why a taxpayer would elect this method over the other methods C. Assume that the R&D expenses occur in 2022. List and describe limit to 2 sentences for each method) the different tax treatments available for the taxpayer. TTT Antal - 3 [12pt - T. Path: Words: QUESTION 11 Creighton purchased a competitor's business on July 23, 2019 for 2,539,975. Book value of the assets was 1,550,000 and the fair market value of the assets was 1,900,000. What is the amount of goodwill that Creighton can amortize in 2020