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You MUST show your work....THANK YOUUUU.... Simmons LLC purchased an office building and land several years ago for $250, 000. The purchase price was allocated
You MUST show your work....THANK YOUUUU....
Simmons LLC purchased an office building and land several years ago for $250, 000. The purchase price was allocated as follows: $200, 000 to the building and $50, 000 to the land. The property was placed in service on October 2. If the property is disposed of on February 27 during the 10h year calculate Simmons' maximum depreciation in the 10h year: A $641 B. $909 C. $5, 128 D. $7, 346 E. None of these Lenter LLC placed in service on April 29, 2016 machinery and equipment (7-year property) with a basis of $600, 000. Assume that Lenter has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including section 179 expensing (but ignoring bonus expensing). A. $85, 740 B. $120, 000 C. $514, 290 D. $585, 740 E. None of these Crouch LLC placed in service on May 19, 2016 machinery and equipment (7-year property) with a basis of $2, 200, 000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including sect 179 expensing (but ignoring bonus expensing) A. $314, 380 B. $440, 000 C. $580, 081 D. $742, 930 E. None of theseStep by Step Solution
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