Maximum depreciation expense deduction, Accounting Basics

+44 141 628 6080
[email protected]

Maximum depreciation expense deduction

What is the maximum depreciation expense deduction for Year 2 (2013) for a passenger automobile, used 100 percent for qualified business use, placed in service on June 15, 2012 and costing $12,000 (the election to expense is not made and no bonus depreciation was taken)?

a. $3,840

b. $4,900

c. $3,060

d. $2,400

e. None of the above

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Maximum depreciation expense deduction

Reference No:- TGS046082

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Election to expense or take bonus depreciation problem

On June 1, 2012, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cost basis of $22,000, has a 5-year estimated life. It also is 5-year recovery property. How much depreciation should be t

Q : Total tax depreciation deduction

Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2012 calendar tax year (Year

Q : Maximum amount of depreciation that company can claim

Steve Corp bought a $925,000 apartment building in 2011. $100,000 of the building cost is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2012 (year 2) for the building?

Q : How much deduct for rent expense on tax return

Vernon is a cash basis taxpayer with a calendar tax year. On November 1, 2012, Vernon entered into a lease to rent a building for use in his business at $4,000 a month. On that day Vernon paid 6 months rent on the building, a total of $24,000 ($4,

Q : Maximum depreciation expense deduction

Q : Depreciation of real property under macrs

Which of the following statements with respect to the depreciation of real property under MACRS is correct?

Q : Net cash from the operating activities issues

Amazing Glory, Inc. recognized a net income of $95,000 including $20,500 in depreciation expense. Compute the net cash from operating activities based on the above information.

Q : What amount of interest expense recorded

Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Animal, Inc. in the first year of the asset's life?

Q : What are the ending capital balances for partner

Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30% and 50% respectively. The net income for the year is $30,000. What are the ending capital ba

1942829

Questions
Asked

3,689

Active Tutors

1421565

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Maximum depreciation expense deduction

Reference No:- TGS046082

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Election to expense or take bonus depreciation problem

Q : Total tax depreciation deduction

Q : Maximum amount of depreciation that company can claim

Q : How much deduct for rent expense on tax return

Q : Maximum depreciation expense deduction

Q : Depreciation of real property under macrs

Q : Net cash from the operating activities issues

Q : What amount of interest expense recorded

Q : What are the ending capital balances for partner

How is it rational for the owner of a factory or plantation

What when people get involved in community and social change

Compare critical feminist theory and power-control theory

Symbolic interactionism took off as a theoretical approach

Statement about political systems controlled by men

Discuss statements about sociological approaches

Cases of local communities using modern technology

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Maximum depreciation expense deduction

Reference No:- TGS046082

Recent Questions Asked Accounting Basics

Q : Election to expense or take bonus depreciation problem

Q : Total tax depreciation deduction

Q : Maximum amount of depreciation that company can claim

Q : How much deduct for rent expense on tax return

Q : Maximum depreciation expense deduction

Q : Depreciation of real property under macrs

Q : Net cash from the operating activities issues

Q : What amount of interest expense recorded

Q : What are the ending capital balances for partner

Asked Questions