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Assignment
Machine A has been completely overhauled for $9,000 and is expected to last another 12 years. The $9,000 was treated as an expense for tax purposes last year. It can be sold now for $30,000 net after selling expenses, but will not have any salvage value 12 years hence. It was bought new 9 years ago for $54,000 and has been depreciated since then by straight-line depreciation using a 12-year depreciable life. Because less output is now required, Machine A can now be replaced with a smaller Machine B. Machine B costs $42,000, has anticipated life of12 years, and would reduce operating costs $2,500 per year. It would be depreciated by straight-line depreciation with a 12-year depreciable life and no salvage value. Both the income tax and depreciation recapture tax rates are 40%. Compare the after-tax annual cost of the two machines and decide whether Machine A should be retained or replaced by Machine B. Use a 10% after-tax rate of return in the calculations. A. Keep Machine A (defender) B. Replace Machine A with Machine B (the challenger)
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Identify at least two concepts that were reviewed in this course that were the most beneficial to you. As a result of taking this course, determine whether or not you feel confident in preparing a personal income return as a paid tax preparer.
You have just been notified by your firm's Managing Principal that another financial planner has decided to leave the firm. Some of her clients will be notified that you will be their new point of contact for their planning.
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