1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
SVETLANKA909090 [29]
4 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]4 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

You might be interested in
Which lists the Business, Management, and Administration careers in order from highest level of education typically required to
Rama09 [41]

Answer:

Operations Research Analyst, Accountant, Data Entry Clerk, Intern

Explanation:

Most employers insist that operations research analysts have a master's degree. In practice, one needs a minimum of a bachelor's degree to become an operation research analyst. Most accountants attend college have a bachelor's degree, although it's not mandatory.

Interns are mostly college students. Since they have not graduated, they should have the least educational qualification, followed by clerks.

5 0
2 years ago
Read 2 more answers
Alain Mire files a single tax return and has adjusted gross income of $309,000. His net investment income is $48,000. What is th
Anuta_ua [19.1K]

Answer: $1,824

Explanation:

According to the IRS, Net Investment Income tax is the lesser figure of either,

i. The net investment income or,

ii. Modified adjusted gross income less the threshold of $200,000 of the person.

The lesser figure is then multiplied by 3.8% to find the tax.

Alain Mire's net Investment Income is $48,000.

His Modified adjusted gross income less the threshold of $200,000 is,

= 309,000 - 200,000

= $109,000

The lesser figure is his Net Investment Income so Additional Tax is,

= 48,000 * 3.8%

= $1,824

5 0
3 years ago
Which activity is a marketing technique?
larisa86 [58]
C , calling a potential customer to inform them about a new program
6 0
3 years ago
2. A closer estimate of the total cost can be made by including the estimated sales tax. Use a formula to calculate the estimate
Kazeer [188]

Answer: Hello  your question has some missing details hence I will provide an answer based on the general scope of your question

answer ; =([Cost] * 1.07)

Explanation:

Assuming the table heading for estimated cost in July 2014 is named "Cost"

Total estimated cost

Total =  Cost * ( 1 + Sales Tax )

         = Cost * ( 1 + 0.07 )

         = Cost * 1.07

Excel  equivalent formula used that can be used  = ([Cost] * 1.07)

5 0
3 years ago
A taxpayer who claims the standard deduction will not be subject to the 2 percent floor on unreimbursed employee expenses.
Dimas [21]
I think this is B- false because just because its 2 percent floor on unreimbursed doesn't mean anything.

Hope this helped. Have a great day! :D
7 0
3 years ago
Other questions:
  • The cost to produce the goods or services sold for a given period is referred to as
    12·1 answer
  • The risk-free rate of interest, kRF, is 6 percent. The overall stock market has an expected return of 12 percent. Nutshell, Inc.
    6·1 answer
  • A side benefit of international trade is that it links national interests and increases the opportunity costs of war.
    12·1 answer
  • A sporting goods store purchased $10,150 worth of ski boots in October. The store had $4,350 of ski boots in inventory at the be
    9·1 answer
  • This step in international market research often relates to the cost of collecting primary data that can address the research pr
    15·1 answer
  • Assume a fixed cost for a process of $15,000. The variable cost to produce each unit of product is $10, and the selling price fo
    10·1 answer
  • With his parents' permission, David, a ten-year-old, purchased a plastic snow sled from Kmart. He went sledding, lost control, h
    14·1 answer
  • Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $58,000 and $2,700, r
    15·1 answer
  • Identifying and Classifying Balance Sheet and Income Statement Accounts
    8·1 answer
  • The last five annual dividends for MysteryCorp have been: $1.25, $1.38, $1.49, $1.60, and $1.69. Next year's dividend is expecte
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!