Question
PROBLEM 5 Taxpayer purchased the following business assets in 20X7 tax year. Acquisition AssetDate CostLife Convention Months of MACR S F3/02955,0007 _____________ G6/29675,0003 _____________ H10/021,025,0005
PROBLEM 5
Taxpayer purchased the following business assets in 20X7 tax year.
Acquisition
AssetDate CostLife Convention Months of MACRS
F3/02955,0007_____________
G6/29675,0003_____________
H10/021,025,0005_____________
Building3/255,690,000_________________
Apartment1/03950,000_________________
Trademark9/2976,500____ ______ _______
A.Fill in the blanks above.
B.What would be the maximum 179 deduction available to the taxpayer?
On which asset(s) should it be taken?
C. Provide the cost recovery for each of the following:building and trademark?
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Using Microsoft Excel And Access 2013 For Accounting
Authors: Glenn Owen
4th Edition
1305161858, 9781305161856
