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nadya68 [22]
3 years ago
8

A taxpayer places a $1,050,000 5-year recovery period asset in service in 2019. This is the only asset placed in service in 2019

. Assuming half-year convention, an election to expense under Section 179, and no income limitation, what is the amount of total cost recovery deduction (no bonus depreciation)?
Business
1 answer:
asambeis [7]3 years ago
7 0

Answer:

hi your question lacks the options here is the options and the answer

a. $1,000,000

b. $200,000

c. $1,050,000

d. $1,026,000

e.  $210,000

answer : $1026000 ( D )

Explanation:

properties placed in service in 2019 = $1050000

The threshold for the year 2019 under the section 179 = $2550000

Maximum expense/deduction before phase out under the section 179 = $1020000

The depreciable value =$1050000 - $ 1020000 = $30000

The MACRS depreciation half - year convention under 5 years = 20% of depreciable value = 20% * 30000

                               = $6000

hence the total cost recovery = MACRS + Maximum expense/deduction

                                                 = $6000 + $1020000

                                                 = $1026000

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3 years ago
FIllmore Company began operations on Sept. 1 by purchasing $4,400 of inventory and $750 of cleaning supplies. During the month,
jarptica [38.1K]

Answer: $3,400

Explanation:

Gross Profit = Sales revenue - Cost of Goods sold

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= 0 + 4,400 - 1,800

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Gross Profit = 6,000 - 2,600

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5 0
3 years ago
A corporation deposits $20 million in a money market account for 1 year. What will be the differ- ence in the total amount accum
Ilya [14]

Answer:

Simple Interest=P*r*n= $20 million * 0.18 * 1=  $3.6 million

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Amount accumulated through Compound Interest=P×(1+r)  ^t

 = $20 million( 1+0.18/12)^12= $23.912 million

Explanation:

Simple interest is based on the principal amount of a loan or deposit, while compound interest is based on the principal amount and the interest that accumulates on it in every period.

3 0
3 years ago
Gail Schneeweis is a nurse at Central City Hospital. She is paid $33.62 per hour and has a 40-hour standard workweek. During the
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Answer:

Gail would make $6,062.4 after a 2 week and 90 hours job

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3 years ago
Integrated Devices, Inc., is a private, for-profit corporation that is owned by seven shareholders who are members of the same f
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Answer:

b. a close corporation

Explanation:

A closed corporation refers to a company in which shares are held by select few individuals who usually are closely linked with business. Such form of a company is also referred to as family corporation.

In these form of corporations, the investments from outsiders are closed i.e from general public and thus referred to as a close corporation. Shareholding belong to owners or family members in most of the cases.

Such firms are not listed on stock exchanges and hence do not permit general public to subscribe to their shares. Wherein, any one of the shareholders desires to liquidate his share, the other members buy out such share.

In the given case, Integrated Devices Inc., a private, for profit company is wholly owned by members of the same family. Thus, it represents a close corporation.

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3 years ago
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