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MACRS 40% Test and Partial Year Depreciation. Large Corporation acquired and placed in service the following 100% business-use assets. Large did not elect Sec. 179 expensing on any of these properties, and elected out of bonus depreciation for all of them. Truck (light-duty, modified non-personal use) costing $36,000: Placed in service on March 3, 2013 with a 5-year MACRS recovery period. Machinery costing $85,000: Placed in service on November 15, 2013 with a 7-year MACRS recovery period. Land costing $90,000: Placed in service on October 12, 2013. Building costing $280,000: Placed in service on December 4, 2013 with a 39-year MACRS recovery period. a. What is Large's total depreciation deduction in 2013? b. Large Corporation sells the machinery on February 2, 2015 and sells the building on September 18, 2015. What are the adjusted bases of these two assets on the dates of sale (compute accumulated depreciation to date of sale)?
The general manager proposed changes in the company's accounting policies in a few areas in an attempt to show a higher profit. He met the company's auditors to discuss these ideas. What do you think the auditors should have said?
question on 1 of january 2013 abc company announced stock options for the cfo at the price of 25 a share - 1000 shares.
Discuss briefly the accounting irregularities found in ENRON and HIH's corporate collapse. Also discuss, the role auditors played and how they could have helped to avoid these collapses.
Evaluate the cost of a 20-guest afternoon picnic and evaluate the cost of a 20-guest evening formal dinner.
During 2013, Lockhart sold all of the inventory it owned at the beginning of the year for $250,000. What is its built-in gains tax in 2013? Be sure to show your work.
Calculate the capital gain under the indexation method and calculate the capital gain under the 50% discount method.
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What is the gross profit to be recognized in the current year and what is Kevin's gross profit percentage
in the market for air filters demand is represented by the function p110-4qd and supply is represented by the function
Compute Chipcos total foreign tax credit, as well as the amount of excess credits (or excess limitation) in each separate basket of income.
warbler corporation whose federal taxable income totals 10 million.warbler apportions 60 percent of its business income
Prepare the C (Regular) Corporation Tax Return for the Lawson And Norman Enterprises, Inc. for the tax year of 2012.
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