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Compute Mrs Y taxable income

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Question - On April 23, Mrs. Y purchased a taxi business from Mr. M for a $52,000 lump-sum price. The business consisted of a two-year-old taxicab worth $16,120, Mr. M's license to operate a taxi business in Baltimore, his list of regular customers, and his registered business name "On Time Any Time Taxi." Mrs. Y operated the business from April 24 through the end of the year.

Required -

Compute Mrs. Y's taxable income from the taxi business if her taxable income before any cost recovery deductions was $36,940. Assume Mrs. Y wants to minimize taxable income.

Compute Mrs. Y's taxable income from the taxi business if her taxable income before any cost recovery deductions was $14,000. Assume Mrs. Y wants to minimize taxable income without bonus depreciation.

Reference no: EM132949214

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