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SVETLANKA909090 [29]
3 years ago
10

In 2018, Gail had a § 179 deduction carryover of $30,000. In 2019, she elected § 179 for an asset acquired at a cost of $115,000

. Gail's § 179 business income limitation for 2019 is $140,000. Determine Gail's § 179 deduction for 2019.
Business
1 answer:
Colt1911 [192]3 years ago
8 0

Answer:

The answer is: Gail's § 179 deduction for 2019 is $145,000

Explanation:

§ 179 of the IRS Code, allows taxpayer to either:

  • deduct the cost of certain types of property from gross income taxes as an expense
  • allow the cost of the property to be capitalized and depreciated.

If Gail had a § 179 deduction carryover of $30,000 and then she acquired an asset for $115,000, her total § 179 deduction for 2019 is $30,000 + $115,000 = $145,000

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Why teams need negotiation skills?<br>​
Vitek1552 [10]

Answer:

Negotiating a decision that the group is all happy with increases a team's cohesion and helps individual members examine their own motivations. Successful negotiation provides the team with faith in their ability to continue to co-operate with each other.

<h2>hope it helps you.</h2>
7 0
2 years ago
Creative Sound Systems sold investments, land, and its own common stock for $31 million, $14.9 million, and $39.8 million, respe
Pie

Answer:

cash generated from investing activites 9.1 millions

Explanation:

proceeds from investment 31 millions

proceeds from land           14.9 millions

purchase of equipment      (24.9 millions)

purchase of patent             (11.9   millions)

cash generated from investing activites 9.1 millions

The purcahse of treasury stock

and the sale of treasury stock (own common stock)

should be disclosure in the financing activities

6 0
3 years ago
On January 1, 20Y3, The Simmons Group, Inc., purchased the assets of NWS Insurance Co. for $37,152,500, a price reflecting an $5
Triss [41]

Answer:

The Simmons Group, Inc.

a. December 31, 20Y9, the book value of Goodwill before impairment = $5,572,875

b. Effects on the accounts of the December 31, 20Y9 adjustment for the goodwill impairment:

1. Impairment loss of $3,901,012 will be accounted for in the Income Statement for the year, thus reducing the reported profits by $3,901,012.

2. Goodwill be reduced to $1,671,863 in the balance sheet by deducting the impairment loss of $3,901,012 from the book value before the impairment.

Explanation:

a) Data and Calculations:

Jan. 1, 20Y3, Purchase price of NWS Insurance Co. = $37,152,500

Goodwill on acquisition = $5,572,875

December 31, 20Y9, the book value of Goodwill before impairment = $5,572,875

Impaired value - $1,671,863

Impairment loss = $3,901,012 ($5,572,875 - $1,671,863)

b) The Goodwill impairment shows that the carrying amount, $1,671,863, is less than the fair value of $5,572,875.  Goodwill is an intangible asset which Simmons Group acquired from NWS Insurance on January 1, 20Y3.  It is annually tested for impairment by comparing the fair value with the carrying value.  

6 0
2 years ago
Which statement is true according to the article?Choose one:A. Chilean companies aim to improve their wine distribution in China
Rufina [12.5K]

Answer:

The answer is "Option A".

Explanation:

In this question, the first choice is correct because the Chilean organizations continue to improve the existing wine business in the country of China, with Chile aiming to the advantage of the military conflict as well as expand its position in the Chinese beverage (wine) market though the wider optimization.

4 0
3 years ago
Project selection helps to ensure that no project affect the status of other
kirza4 [7]

Answer:

<u>projects</u>

Explanation:

Remember, among the 'Project selection' stage is the first stage of the Project Process Stages. This stage typically involves examining each project and then determining which is of utmost importance.

Rather than trying to run every uncompleted project with the limited resources available which may affect the status of other projects, it is better to select the project that is most beneficial and that is feasible to complete within the stipulated deadline.

3 0
3 years ago
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