Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 8-42 (a) (LO. 2, 3) Dorcas is the proprietor of a small business. In 2019, the business income, before consideration of any cost recovery

image text in transcribed
Problem 8-42 (a) (LO. 2, 3) Dorcas is the proprietor of a small business. In 2019, the business income, before consideration of any cost recovery or 5 179 deduction, is $170,000. Dorcas spends $50,000 on new seven-year dass assets and elects to take the 5 179 deduction on them. She elects not to take additional first-year depreciation. Dorcas's cost recovery deduction for 2019, for 5-year assets (not purchased this year), is $90,000. If an amount is zero, enter "0". If required, round your intermediate computations and final answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. What is the tentative amount of Dorcas's overall 5 179 deduction for the seven-year dass assets before any income limitation? b. Dorcas's cost recovery amount (excluding any 5 179 deduction) for the seven-year class assets is $ C. The total amount of Dorcas's 5 179 deduction for the seven-year class assets after any income limitation is $ d. Dorcas's total cost recovery depreciation deduction (including any 5 179 deduction) is $ e. What is the amount of any 5 179 carryforward

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Of Sport Management

Authors: John Beech, Simon Chadwick

2nd Edition

027372133X, 9780273721338

More Books

Students also viewed these Accounting questions

Question

Cite ways to overcome fear of failure.

Answered: 1 week ago

Question

Define Management or What is Management?

Answered: 1 week ago

Question

What do you understand by MBO?

Answered: 1 week ago

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

In which ways would you measure training success? Explain.

Answered: 1 week ago

Question

Evaluate Meyers and Browns approach to career development.

Answered: 1 week ago