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BartSMP [9]
3 years ago
12

Chahana acquired and placed in service $1,185,000 of equipment on August 1, 2019 for use in her sole proprietorship. The equipme

nt is 5-year recovery property. No other acquisitions are made during the year. Chahana elects to expense the maximum amount under Sec. 179, and bonus depreciation is not applied. Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are:___________.
A) $1,020,000.
B) $237,000.
C) $1.185,000.
D) $1,053,000
Business
1 answer:
algol [13]3 years ago
7 0

Answer:

D) $1,053,000

Explanation:

Calculation to determine what Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are

Sec 179 immediate expensing $1,020,000

MACRS depreciation:

Add Basis for depreciation $33,000

[($1,185,000 - $1,020,000 Sec. 179) × .20]

Total depreciation $1,053,000

($1,020,000+$33,000)

Therefore Chahana's total deductions for 2019 (including Sec. 179 and depreciation) are:$1,053,000

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Monty loaned his friend Ned $24,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remain
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Answer:

Short term capital loss and $10,800

Explanation:

Remaining balance - Capital gains

$18,000 - $7,200 = $10,800

Monty can report the bad debt of $18,000 as short term capital loss since it is expense for the business and receivables are not recoverable. This amount can be reported as loss of the business.

5 0
2 years ago
Diego feels he has achieved some measure of respect as a cosmetic surgeon. Now, Diego focuses on being the best he can be. Which
amm1812

Diego is trying to focus and meet his self-actualization needs.

<h3>What is Maslow's Hierarchy of Needs?</h3>

Abraham Maslow's theory of Hierarchical needs explains that people are driven to meet fundamental wants before moving on to more complex requirements.

His theory emphasizes five hierarchical needs, these are:

  • Physiological needs
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  • Self Actualization needs

Therefore, based on the fact that Diego is concerned about his own personal growth and focusing on his career, we can conclude that Diego is trying to focus and meet his self-actualization needs.

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4 0
2 years ago
The country of Alaine produces​ 1,000 tons of corn during a year. It is valued at​ $500 per ton. A lobbyist for the corn industr
Debora [2.8K]

Answer:

D. Corn is not used in the production of other goods.

Explanation:

D is the only option that can be an argument for the total value of the corn produced to be included as corn for the same year in the GDP.

This is due to the fact that only the final production is recorded in the GDP, this means that no goods are registered that are going to be part of other productive processes (generally raw materials) since double accounting would be incurred.

If for example, corn were part of another productive process and this productive process begins next year, that part of the corn used to produce that good would be included in the GDP of the year in which the product will be produced (the one that corn is used in the production).

This means that the lobbyist can only rely on option D (include all the value of corn for the year in which it was produced) if in this country the corn is not part of another productive process.

5 0
3 years ago
Joe is a new broker. how often will he be required to reconcile his escrow account(s)?
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Joe is a new broker. He will be required to reconcile his escrow account monthly.

<h3>Who is a broker?</h3>
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  • Brokers that take on dual roles as buyers or sellers are considered primary parties to the transaction.
  • Neither function should be mistaken with that of an agent, who represents the principal party in a transaction.
  • An impartial party whose services are often used in several businesses is a broker.
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6 0
1 year ago
A. compensation that is tied to the employee’s seniority B. compensation that is tied to the employee’s qualification C. compens
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Answer:

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