show working

answer questions 1-5 for table 1

answer questions 6 a-b , 7 a-b , 8 a-b

You are working in the accounting department of a mid-sized company (Bespin Tibanna Gas Systems, LLC). As a young staff, one of your first tasks is to manage the fixed assets for the company. Below is a short list of some of the assets. Asset Used Copier New Computer New Delivery Truck (more than 14K lbs) Furniture Delivery Auto Placed in Service November 12 June 6 October 28 Basis (when placed into service) $7800 14,000 19,000 July 15 January 31 32,000 70,000 1. What code section covers the depreciation recapture of these properties? (3pts) a. $1231 b. $1245 C. $1250 d. $1031 2. Which depreciation convention will be used for the depreciation of the office Furniture? (3pts) a. HY b. MY C. MQ d. MM 3. Calculate the maximum depreciation for the delivery auto in the first year? (3pts) a. $7500 b. $10,800 C. $18,100 d. $25,000 4. Assuming the computer is a five-year asset, what would be the deprecation amount for the 4th year (assuming no Sec 179 or 168(k) deprecation was taken). (5pts) 5. Calculate the maximum amount of $179 allowed assuming they meet all of the all requirements for $179 Depreciation. (5pts) a. The company has a list of equipment they sold during the tax year. Please review the list and answer the questions below: Equipment Sales Price Luxury Car Computer Furniture MACRS Year Property 5 Year Property 5 Year Property 7 Year Property Accumulated Depreciation $12,000 $1,200 $20,000 S1 200 $20,000 $200 $10,000 $25,000 6. What will be the tax treatment as follows for the sale of the Luxury Car a. Calculate the Realued Gain or Loss (Spts): b. What will be the character and amount of the Recognized gain? (10 pts) Luxury Car Code Section Character 1245 1250 7. What will be the tax treatment as follows for the sale of the Computer? a. Calculate the Realised Gain or loss (5 pts b. What will be the character and amount of the Recognized gain? (10 pts) Computer Code Section Character Amount 1231 1245 1250 8. What will be the tax treatment as follows for the sale of the Furniture a. Calculate the Realued Gain or loss (5 pts b. What will be the character and amount of the Recognized gain? (10 pts) Furniture Code Section Character Amount 1231 1245 1250