Bonnie purchased a new business asset (five-year property) on March 10, 2013, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2013, at a cost of $13,000. Bonnie did not elect to expense either of the ass
On May 30, 2013, Jane signed a 20-year lease on a factory building to use for her business. The lease begins on June 1, 2013. In August 2013, Jane paid $300,000 for qualified leasehold improvements to the building. Jane takes additional first-year depreci
Mary purchased a new five-year class asset on March 7, 2013. The asset was listed property (not an automobile). It was used 60% for business and the rest of the time for personal use. The asset cost $900,000. Mary made the � 179 election. The income from
Carlos purchased an apartment building on November 16, 2013, for $3,000,000. Determine the cost recovery for 2013.
Tara purchased a machine for $40,000 to be used in her business. The cost recovery allowed and allowable for the three years the machine was used are as follows:
Tan Company acquires a new machine (ten-year property) on January 15, 2013, at a cost of $200,000. Tan also acquires another new machine (seven-year property) on November 5, 2013, at a cost of $40,000. No election is made to use the straight-line method.
On July 17, 2013, Kevin places in service a used automobile that cost $25,000. The car is used 80% for business and 20% for personal use. In 2014, he used the automobile 40% for business and 60% for personal use. Determine the cost recovery recapture for
On June 1, 2013, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for personal use. (Assume this percentage is maintained for the life of the car.) She does not take additional first-year depreciation. D
n June 1 of the current year, Tab converted a machine from personal use to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The machine is still encumbered by a $50,000 m
On July 10, 2013, Ariff places in service a new sports utility vehicle that cost $70,000 and weighed 6,300 pounds. The SUV is used 100% for business. Determine Ariff's maximum deduction for 2013, assuming Ariff's � 179 business income is $110,000. Ariff d