Depreciation using the units of production method

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Reference no: EM13801013

1. You purchase a residential home in July 10th 2013 that you are going to use as a rental property. You paid $250,000 and the land was valued at $50,000.

What is your allowable TAX depreciation for 2013______________

2. You purchase a dump truck for $75,000 that you expect to last for 250,000 miles. You drive the truck for 60,000 miles your first year. What is your BOOK depreciation using the Units of Production Method?_______________

3. Your company generated $3.6 million in revenue for 2012 and incurred $3.35 million in expenses.

How much tax due you owe?_______________

What is your average tax rate?______________

What is your marginal tax rate?_____________

4. Your company generated $250,000 in taxable income for 2013. Assuming that your average Federal tax Rate is 25% and your state tax rate is 8%,

What is your combined tax rate?___________

How much Fed tax do you owe?___________

How much State tax do you owe?__________

Reference no: EM13801013

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