Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Lori who is a single, purchased five-year class property for $100,000 and seven-year class property for $200,000 on may 20, 2012. Lori expects the taxable income derived from her business (without regard to the amount expensed under code 179) to be $800,000. Lori wants to elect immediate code 179 expensing, but she doesn't know which asset she should expense under code 179. She elects not to take additional first-year depreciation.

A. Determine lori's total deduction if the code 179 expense is first taken with respect to the five-year class asset

B. Determine lori's total deduction if the code 179 eu is first taken with respect to the seven-year class asset

C. What is your advice to lori?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942465

Have any Question?


Related Questions in Accounting Basics

Question - during 2017 crimson inc purchased 2775000 of

Question - During 2017, Crimson Inc. purchased $2,775,000 of inventory. The cost of goods sold for 2017 was $2,635,938 and the ending inventory at December 31, 2017 was $544,688. What was the inventory turnover for 2017?

Question in anticipation of marys request for comparative

Question: In anticipation of Mary's request for comparative analysis, it will be useful at this time to do some research. You know that you can obtain the financials of companies within the same sector or Standard Indust ...

Question - legacy issues 325000 of 5 four-year bonds dated

Question - Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $292,181 and their market rate is 8% at the issue date. Determ ...

Question - the following list of accounts appear in

Question - The following list of accounts appear in alphabetical order and were taken from ABC Corporation's ledger as of December 31, 2018. The Accounts Payable records were missing. Accounts Payable $? Inventory $7,000 ...

Accounting question - in 1990 flounder company completed

Accounting Question - In 1990, Flounder Company completed the construction of a building at a cost of $2,300,000 and first occupied it in January 1991. It was estimated that the building will have a useful life of 40 yea ...

Question - f l wright architects incorporated as licensed

Question - F. L. Wright Architects incorporated as licensed architects on September 1, 2018. During the first month of the operation of the business, these events and transactions occurred: Sept. 1 Stockholders invested ...

Question - midland oil has 1000 par value bonds outstanding

Question - Midland Oil has $1,000 par value bonds outstanding at 12 percent interest. The bonds will mature in 15 years. What is current price of the bonds if the present yield to maturity is 10%, 15%, and 18%?

Question - on 24th may 2018 the board of abx authorised the

Question - On 24th May 2018, the board of ABX authorised the incorporation of ALCORE, a wholly owned subsidiary to develop a production plant capable of producing 50,000 tonnes of aluminium fluoride per annum? How will t ...

Question - seven star corporation purchased a piece of

Question - Seven Star Corporation purchased a piece of equipment at the beginning of 2012. The equipment cost $140,000. Its estimated service life is 8 years and has an expected salvage value of $8,000. The sum-of-the-ye ...

Question - cranberry corporation has 3396000 of current

Question - Cranberry Corporation has $3,396,000 of current year taxable income. Use Corporate tax rate schedule. If the current year is a calendar year ending on December 31, 2017, calculate Cranberry's regular income ta ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As