Exercise 8-20 (Algorithmic) (LO. 2) Hamlet places in service a 7-year class asset on November 23, 2023, for $331,800 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction for 2023 and 2024. 2023: $ 265,440 X 2024: $

Exercise 8-20 (Algorithmic) (LO. 2) Hamlet places in service a 7-year class asset on November 23, 2023, for $331,800 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first year depreciation. This is Hamlet's only tangible personal property acquisition for the year. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction for 2023 and 2024. 2023: $ 265,440 X 2024: $

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 22CE

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Which of the following statements with respect to the depreciation of property under MACRS is incorrect? Under the half-year convention, one-half year of depreciation is allowed in the year the property is placed in service. If a taxpayer elects to use the straight-line method of depreciation for property in the 5 -year class, all other 5 -year class property acquired during the year must also be depreciated using the straight-line method. In some cases, when a taxpayer places a significant amount of property in service during the last quarter of the year, real property must be depreciated using a mid-quarter convention. Real property acquired after 1986 must be depreciated using the straight-line method. The cost of property to which the MACRS rate is applied is not reduced for estimated salvage value.
Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2022, for $153,000 (the only asset acquired during the year). Euclid does not elect Immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2022 and 2023. 2022: S 2023: S
Exercise 5-5 (LO. 7) On November 23, 2023, Hamlet acquires and places in service a 7-year class asset with a cost of $100,000 (the only asset acquired during the year). Hamlet does not elect immediate expensing under § 179. He does not claim any available additional first-year (bonus) depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Hamlet's cost recovery deduction for 2023 and 2024. 2023: $ 7,143 X 24,490 X 2024: $
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Exercise 8-23 (Algorithmic) (LO. 2, 3) Diana acquires, for $171,200, and places in service a 5-year class asset on December 19, 2023. It is the only asset that Diana acquires during 2023. Diana does not elect immediate expensing under § 179. She elects additional first-year deprecation. Click here to access the depreciation table to use for this problem. Calculate Diana's total cost recovery deduction for 2023.
Exercise 8-19 (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for $80,000 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2020 and 2021.2020: $2021: $ 8-7cCost Recovery Tables Summary of Tables Exhibit 8.3 Regular MACRS table for personalty. Depreciation methods: 200 or 150 percent declining-balance switching to straight-line. Recovery periods: 3, 5, 7, 10, 15, 20 years. Convention: half-year. Exhibit 8.4 Regular MACRS table for personalty. Depreciation method: 200 percent declining-balance switching to straight-line. Recovery periods: 3, 5, 7 years. Convention: mid-quarter. Exhibit 8.5 MACRS optional straight-line table for personalty.…
Euclid places in service a 7-year class asset on May 9, 2023, for $134,200 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2023 and 2024. 2023: $ 2024: $
Euclid acquires a 7-year class asset on May 9, 2021, for $80,000 (the only asset acquired during the year). Euclid does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2021 and 2022. 2021: $ 2022: $
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