Companys deduction related to limited expensing, Financial Accounting

In May of 2010, a business placed in service $35,000 of property eligible for limited expensing under §179. Line 13 of Form 4562 for 2009 was $15,000. Net income before cost recovery is $57,500. What is the company's deduction related to limited expensing for 2010? I am looking for the line 12 amount on Form 4562.

Several years ago, a calendar year taxpayer purchased 7 year recovery property as follows.

Date: Asset Cost

May 15 Tractor $475,000

October 9 back hoe $275,000

Bonus depreciation did not apply that year and the taxpayer was above the phase out limits for §179. What was the cost recovery deduction for the back hoe in Year 3? It was sold in August of that year.

Posted Date: 3/25/2013 2:48:25 AM | Location : United States







Related Discussions:- Companys deduction related to limited expensing, Assignment Help, Ask Question on Companys deduction related to limited expensing, Get Answer, Expert's Help, Companys deduction related to limited expensing Discussions

Write discussion on Companys deduction related to limited expensing
Your posts are moderated
Related Questions

Q. What do you eman by Lease? Lease - Conveyance of buildings orland, equipment or other ASSETS from one person (LESSOR) to another (LESSEE) for a specific period of time for m

Refer to the Consolidated Statements of Shareholders' Equity (pp. 62-63), Consolidated Statements of Cash Flow, including an abstract from Note 2, Cash Flow Information (pp. 61 and

Dissolution of a partnership A partnership is dissolved when: It is temporary (maybe set up for a given period which has lapsed); One partner notifies the others in writ

Q. Decisions about managerial remuneration packages? In recent years there has been an improved emphasis on decisions about managerial remuneration packages being removed from

What is the relation of profit and matching principle? Do you have a form for this kind of assignment in writting Financial Accounting?

INVESTMENT OF FUNDS TO PROVIDE FOR LEGACIES AND INTEREST ON LEGACIES (a) Where a general legacy is given for life, the sum bequeathed shall, at or before the end of a year afte

agency conflicts and solutions in shareholders vs auditors

Consolidated acccounts 1AS 27 therefore requires that the holding a company should include the financial results of the subsidiary company in its own financial statements. The

Find the annual reports of the acquiring firm and answer the following questions for the five years before merger took place I)   What information is provided about merger a