Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500; $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS Table 1. Jable 2. Table 3. Table 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount) rev 12 13 2018. QC CS-151658 5. Award:0.50 points a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year Depreciation References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS The folowing information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147500 was allocated to the basis of the building.(Use MACRS Table 1. Table 2. Tabie3. Tabic 4 and Tabis 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) rev 12 13 2018 QC_CS-151658 6.Award: 0.50 polnts b. What would be the year 3 depreciation deduction if the building was sold on January 8 of year 3? Year 3 depreciation deduction References Problem Difficulty: 3 Hard earning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS. The folowing information appwes to the questions displayed belowJ On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS TabIe 1. Tabie 2. Iable 3. Tablc 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) rev 1213 2018 QC CS-151658 7. Award: 0.50 polnts c. Assume the building was purchased and placed in service on December 7 instead of March 14 Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year Depreciation deduction rev: 12 13 2018 QC_CS-151658 References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS. 4/10/2019 Assignment Print View The roowing information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS Iable 1. Tabie 2. Iable3. Iable 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) rev: 12 13 2018 QC_CS-151658 8. Award: 0.50 points d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year Depreciation rev: 12 13 2018 QC_CS-151658 References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS The following information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS label lable 2. Table 3. Table 4 and Jable 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) wholte doilar amounty Do not round ediaie cakealesbonis nos rev 12 13 2018 QC_CS-151658 9. Award: 0.50 points e. What would be the depreciation for 2018, 2019, and 2020 if the property were nonresidential property purchased and placed in service March 14, 2001 (assume the same original basis)? Year Depreciation 2018 2019 2020 References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS The following information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500; $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS Table 1. Jable 2. Table 3. Table 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount) rev 12 13 2018. QC CS-151658 5. Award:0.50 points a. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year Depreciation References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS The folowing information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147500 was allocated to the basis of the building.(Use MACRS Table 1. Table 2. Tabie3. Tabic 4 and Tabis 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) rev 12 13 2018 QC_CS-151658 6.Award: 0.50 polnts b. What would be the year 3 depreciation deduction if the building was sold on January 8 of year 3? Year 3 depreciation deduction References Problem Difficulty: 3 Hard earning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS. The folowing information appwes to the questions displayed belowJ On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS TabIe 1. Tabie 2. Iable 3. Tablc 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) rev 1213 2018 QC CS-151658 7. Award: 0.50 polnts c. Assume the building was purchased and placed in service on December 7 instead of March 14 Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year Depreciation deduction rev: 12 13 2018 QC_CS-151658 References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS. 4/10/2019 Assignment Print View The roowing information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS Iable 1. Tabie 2. Iable3. Iable 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) rev: 12 13 2018 QC_CS-151658 8. Award: 0.50 points d. Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Year Depreciation rev: 12 13 2018 QC_CS-151658 References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS The following information applies to the questions displayed below On March 14 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500: $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS label lable 2. Table 3. Table 4 and Jable 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) wholte doilar amounty Do not round ediaie cakealesbonis nos rev 12 13 2018 QC_CS-151658 9. Award: 0.50 points e. What would be the depreciation for 2018, 2019, and 2020 if the property were nonresidential property purchased and placed in service March 14, 2001 (assume the same original basis)? Year Depreciation 2018 2019 2020 References Problem Difficulty: 3 Hard Learning Objective: 10-02 Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and the deduction allowable under basic MACRS

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

Im Just A Girl Who Loves Auditing And Coffee

Authors: Michael Happiness

1st Edition

B08HT8643K, 979-8684238604

More Books

Students also viewed these Accounting questions