So I don't how this works. I need help with this and I am willing to pay for it. It is due wed. And it is Income tax. So I don't if you can help me with that.

Stephen Hopkins started a farm in the fall of 1620 in Plymouth, Massachusetts. He purchased 100 acres of land and a log home. The home site sits on 1 acre. The rest of the land is devoted to farming. To start his business, Stephen needed to purchase some assets. He purchased 2 oxen, a plow, various hand tools, and built a large barn. He also needed a vehicle that was able to haul large loads, a vehicle to get around the town and sell his crops, and a vehicle to drive for personal purposes. In addition, he needed to furnish his farm office, which is in his home. He uses a spare room, which is one tenth of the square foot of the whole house, and that room is solely devoted to his business. Attached is a list of the assets Stephen purchased. While Stephen is an excellent farmer, he isn't much for paperwork. He is asking for your help to calculate the depreciation on his assets. He'd like to project four years into the future, so he wants you to calculate the depreciation for the first year, and the next three years. He wants to depreciate his assets on a tax basis, and of course, he wants to maximize his tax savings for the first year, so you should include Section 179 and bonus depreciation in your calculations, where either applies. The log home and land were purchased together of course, for a total price of $1,000. On examining the historical tax assessment (total assessed value $500), you notice that the land is assessed at $400 and the log home is assessed at $100. You should use the same proportion of land value and home value to total value to assign values to the purchase price. There were no utility costs to run the office, there was no mortgage on the property, and no real estate taxes were assessed. In fact, the only deduction for the office is the depreciation. After all, this is 1620, and the Mayflower passengers didn't have time their first winter to plug into the utility grid or build a county tax office. Use your professional judgment to depreciate the assets correctly based on the information supplied by your client. The Fixed Asset table is set up for you. All you have to do is fill in the blanks and calculate depreciation utilizing Excel functions.. Please round to the nearest dollar. Print it out (formatted to one page) and bring it to class with you on December 9. Also, please submit electronically through Blackboard. Both are due Wednesday, December 9 by class time. Please allow your mind to believe that in 1620 there was depreciation, and a federal government to pay tax to. Section 179 is limited to $100 in 1620, with a total asset phase-out starting at $200. Section 179 is of course subject to income limits, you cannot use Section 179 to create or extend a tax loss. In 1620, there is no Section 179 carryover. All other rules for Section 179 and fifty percent bonus depreciation are the same. Vehicles are limited to a cost recovery in the first year of $5, unless they are heavy duty work vehicles over a gross weight of 2000 pounds. If they are heavy duty and over the gross weight, regular depreciation rates will apply. Questions: What is/are the convention(s) applied to Stephen's assets? What is the total reduction of basis due to Section 179? What is the total depreciation amount, including bonus and Section 179, for the first and third years? Stephen Hopkins' Farm Assets Fixed Asset Listing with Depreciation For 1620 and projected Depreciation for: Asset Purchase date/Placed in Service Cost Land Amount of Bonus depreciation taken Depreciable basis - - Year 1 total cost reovery Year 1 Year 2 Year 3 Year 4 01/01/1620 Office Amount of Depreciation Sect. 179 Method taken 01/01/1620 Home Useful Life* (in Eligible for Eligible for years) Sect. 179? Bonus? Convention 06/30/1620 Ted Doty (ox) $ 10 6/30/1620 Ted Leister (ox) $ 15 9/30/1620 2500 lb. farm wagon $ 40 9/30/1620 surrey with a fringe on top $ 20 12/15/1620 unicycle $ 10 11/15/1620 Filing cabinet $ 7 12/15/1620 Desk chair $ 5 12/15/1620 desk $ 7 12/15/1620 Abacus $ 3 12/15/1620 ledger book $ 1 12/15/1620 Total $ 118 * Useful life by IRS guidelines assumptions 1. The ledger book is too minimal to deprecitat so it is expensed on Stephen's income statement. 2. The unicycle is personal use only. 3. The surry with the fringe is listed property, part personal, part farm. Personal use is 60%. 4. The oxen are not inventory, nor were any expenses deducted during the time they were being raised. 5. The farm had enough profit to take the Section 179. No loss was produced. 6. Listed property placed in service before 1987 rules do not apply