ROSE Retail Fixed Asset Rollforward 12/31/2019 (book basis)
		DEPR		COST		2017	2018	2019		ACCUM		NETBOOK
ASSET	IN SERVICE	METHOD	LIFE	BASIS		DEPR	DEPR	DEPR		DEPR		VALUE
CASH REGISTER	2/15/2017	SL	5	9,900.00		1,815.00	1,980.00	1,980.00		5,775.00		4,125.00
2017 TOTAL ADDITIONS				9,900.00		1,815.00	1,980.00	1,980.00		5,775.00		4,125.00
RETAIL FIXTURES	10/12/2018	SL	7	4,750.00			169.64	678.57		848.21		3,901.79
FURNITURE	10/12/2018	SL	7	3,900.00			139.29	557.14		696.43		3,203.57
2018 TOTAL ADDITIONS				8,650.00		-	308.93	1,235.71		1,544.64		7,105.36
TOTAL				18,550.00		1,815.00	2,288.93	3,215.71		7,319.64		11,230.36
DELIVERY TRUCK	6/1/2019	SL	5	37,500.00				4,375.00		4,375.00		33,125.00
DESK AND CABINETRY	6/1/2019	SL	7	11,900.00				991.67		991.67		10,908.33
COMPUTER	6/1/2019	SL	5	2,800.00				326.67		326.67		2,473.33
2019 TOTAL ADDITIONS				52,200.00		-	-	5,693.34		5,693.34		46,506.66
TOTAL				70,750.00		1,815.00	2,288.93	8,909.05		13,012.98		57,737.02

WHAT WILL BE THE AMOUNT ON LINE 14 ON FORM 4562?

WHAT WILL BE THE AMOUNT ON LINE 13 Schedule C?

Jennifer loftin owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Jennifer keeps her books on an accrual basis. The income and expenses for the year are: Gross sales $352,000

Returns and allowances 4,000

Expenses:

Beginning inventory (at cost) $ 85,000

Add: purchases 101,000

Cost of goods available for sale $186,000

Less: ending inventory (at cost) 75,000

Cost of goods sold $111,000

Rent 24,200

Insurance 1,800

Legal and accounting fees 5,600

Payroll 56,430

Payroll taxes 4,400

Utilities 2,100

Office supplies 750

Advertising 6,200

Jennifer's bookkeeper has provided the book-basis fixed asset roll forward to be used in computing the depreciation (see separate tab). For tax purposes, Trish elected out of bonus depreciation in all years except 2019. She did not elect immediate expensing in any year. The tax lives of the assets are the same as the book lives shown in the fixed asset schedule. The truck is not considered a passenger automobile for purposes of the luxury automobile limitations.

Jennifer also has a qualified home office of 250 sq. ft. Her home is 2,500 sq. ft. Her 2014 purchase price and basis in the home, not including land, is $100,000 (the home's market value is $150,000). She incurred the following costs in 2019 related to the entire home:

Utilities $2,800

Cleaning 900

Insurance 1,100

Property taxes 2,000