Question 1 Completion with Options:
A. used equipment
B. storage warehouse
C. land for future building site
D. new office furniture
E. apartment complex
F. new delivery truck
Answer:
1. The assets purchased in the current year that are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations are:
A. used equipment
D. new office furniture
F. new delivery truck
2. $561,000 is the maximum to be expensed with an adjusted basis of 100% for MACRS
Explanation:
There is a maximum deduction of $1,050,000 under section 179. The section affords eligible taxpayers the opportunity to reduce their tax burden in the first year that they purchase eligible properties.
Answer:
the correct answer is A. There is no way to produce more of one good without producing less of another good.
Explanation:
In Economy, there is two principal variables, the goods and the resources to produce that goods. The term Efficient means the best way to produce one o more goods using less resources, it means that in teory, more resources you use, more goods you produce, but the resources are limited and they are distributed proportionally to produce in the most efficient way all the goods in an economy. So in order to produce more from one good, is necessary to take resources out from another productions, and doing so, the production of the second good will be diminished.
Answer: $42000
Explanation:
Saginaw's foreign tax credit on its 2018 tax return will be calculated thus:
= Foreign source taxable income × precredit U.S tax/Taxable income
= 200000 × 105000/500000
= 200000 × 0.21
= 42000
Therefore, the foreign tax credit will be the least between $60,000 paid to the German government or $42000. In this case, the answer is $42000
Current ad valorem property taxes owed by the seller that have NOT yet been billed at the time of closing are an example of (D) accrued items.
- The portion of the budgeted expenses of a taxing body that must be funded by real property taxes.
- Taxing entities occasionally use an equalization technique as part of the assessment process to reduce significant differences in assessed values within a district.
- The taxation authorities in Texas will only accept payment from one entity when it comes time to pay the property taxes at the end of the fiscal year.
- The property taxes will therefore be prorated at closing when you sell or buy a home so that each party pays their fair share of the year's taxes.
How does property tax work in Texas?
- Texas levies property taxes as a percentage of each home's appraised value.
- So, for example, if your total tax rate is 1.5%, and your home value is $100,000, you will owe $1,500 in annual property taxes.
Learn more about ad valorem property taxes brainly.com/question/13226646
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