Question 28 Not yet answered Points out of 1.00 LB Corporation purchased a business car in June 2020 for $62,000. The car weighs 8,000 pounds and will be used 100 percent of the time in the business. Compute the largest depreciation deduction possible in 2020 and 2021. No other property purchases were made during the year. (Consider bonus depreciation and the Section 179 deduction, if applicable.) [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] Flag question Answer: Question 29 Not yet answered Points out of 1.00 Flag question In March, Gary Parker started a new career as a real estate agent. He established Gary Parker Company, LLC on March 11 and began seeking clients. He listed his first property on March 21, and closed his first sale on April 9. Gary used his SUV, purchased three years ago and previously used for personal purposes, as his business auto. Once he began business as a real estate agent, he used the vehicle 100 percent for business purposes. Gary purchased the SUV three years ago for $54,000. At the date he started his real estate practice, it was worth approximately $28,000. In the next year, Gary sells the SUV for $20,000. How much depreciation expense can Gary deduct as a business deduction with respect to the SUV on next year's tax return? [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] Answer: Question 30 Not yet answered Points out of 1.00 P Flag In March, Gary Parker started a new career as a real estate agent. He established Gary Parker Company, LLC on March 11 and began seeking clients. He listed his first property on March 21, and closed his first sale on April 9. Gary used his SUV, purchased three years ago and previously used for personal purposes, as his business auto. Once he began business as a real estate agent, he used the vehicle 100 percent for business purposes. Gary purchased the SUV three years ago for $54,000. At the date he started his real estate practice, it was worth approximately $28,000. In the next year, Gary sells the SUV for $20,000. How much gain or loss will Gary recognize for tax purposes in connection with the sale of the vehicle next year? [For your answer, please use whole number, enter a positive number for a gain, a negative number for a loss, and ignore the dollar sign and the comma.] question Question 28 Not yet answered Points out of 1.00 LB Corporation purchased a business car in June 2020 for $62,000. The car weighs 8,000 pounds and will be used 100 percent of the time in the business. Compute the largest depreciation deduction possible in 2020 and 2021. No other property purchases were made during the year. (Consider bonus depreciation and the Section 179 deduction, if applicable.) [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] Flag question Answer: Question 29 Not yet answered Points out of 1.00 Flag question In March, Gary Parker started a new career as a real estate agent. He established Gary Parker Company, LLC on March 11 and began seeking clients. He listed his first property on March 21, and closed his first sale on April 9. Gary used his SUV, purchased three years ago and previously used for personal purposes, as his business auto. Once he began business as a real estate agent, he used the vehicle 100 percent for business purposes. Gary purchased the SUV three years ago for $54,000. At the date he started his real estate practice, it was worth approximately $28,000. In the next year, Gary sells the SUV for $20,000. How much depreciation expense can Gary deduct as a business deduction with respect to the SUV on next year's tax return? [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] Answer: Question 30 Not yet answered Points out of 1.00 P Flag In March, Gary Parker started a new career as a real estate agent. He established Gary Parker Company, LLC on March 11 and began seeking clients. He listed his first property on March 21, and closed his first sale on April 9. Gary used his SUV, purchased three years ago and previously used for personal purposes, as his business auto. Once he began business as a real estate agent, he used the vehicle 100 percent for business purposes. Gary purchased the SUV three years ago for $54,000. At the date he started his real estate practice, it was worth approximately $28,000. In the next year, Gary sells the SUV for $20,000. How much gain or loss will Gary recognize for tax purposes in connection with the sale of the vehicle next year? [For your answer, please use whole number, enter a positive number for a gain, a negative number for a loss, and ignore the dollar sign and the comma.]
