Cost recovery deduction, Financial Accounting

On May 15, 2010, Your Corporation acquired an airplane (5 year recovery period, 6 year class life) for $1,450,000. Its qualified business use is 54%. Determine the maximum cost recovery deduction available in Year 1. The corporation has taxable income of $5,000,000 before the cost recovery deduction.

On November 19, 2010, Kim placed in service an automobile that cost $62,800. It is used 35% for business. What is the maximum cost recovery deduction available for the car? Kim has taxable income of $175,000 before the cost recovery deduction.

Posted Date: 3/25/2013 2:46:36 AM | Location : United States







Related Discussions:- Cost recovery deduction, Assignment Help, Ask Question on Cost recovery deduction, Get Answer, Expert's Help, Cost recovery deduction Discussions

Write discussion on Cost recovery deduction
Your posts are moderated
Related Questions
Both a call and a put currently are traded on stock XYZ; both have strike prices of $50 and expirations of 6 months.  What will be the profit to an investor who buys the call for $

The following market data are available for interest rates and volatilities associated with standard maturities: Suppose you are holding a bond portfolio which invests in a

IFRS guidelines IFRSs Gives the guideline on the content and the accounting statements of certain events and transactions in the financial statements. The following IFRSs are r

I am an AAT student studying lvl 3 AAT at college. I wish to learn how to complete self assessment end of year tax return forms for other people. That is because I have already bee


Circumstances under which a subsidiary company can be excluded from consolidation Consolidated financial statements shall include all subsidiaries of the parent A parent need


liabilities and its types

Your firm's research department has estimated the income elasticity of demand for Art Deco lawn furniture to be 1.5. You have just learned that due to an upturn in the economy, con

How to calculate fair value of long-lived asset when the information about fair value is not available?