On june 1 2013 sam purchased used farm machinery for 150000

Assignment Help Accounting Basics
Reference no: EM13590939

On June 1, 2013, Sam purchased used farm machinery for $150,000. Sam used the machinery in connection with his farming business. Sam does not elect to expense assets under § 179. Sam has, however, made an election to not have the uniform capitalization rules apply to the farming business. Sam takes additional first-year depreciation when available. Determine the cost recovery deduction for 2013.

Reference no: EM13590939

Questions Cloud

Sophie is a single taxpayer for the first payroll period in : sophie is a single taxpayer for the first payroll period in oct 2009 she is paid wages of 3250 monthly. sophie claims
Vinita ramaswamy recently acquired wild country air wild : vinita ramaswamy recently acquired wild country air. wild country has been in business for many years and provides
A student sits atop a platform a distance h above the : a student sits atop a platform a distance h above the ground. he throws a large firecracker horizontally with a speed
If management decides to buy part i14 from the outside : outram corporation is presently making part i14 that is used in one of its products. a total of 8000 units of this part
On june 1 2013 sam purchased used farm machinery for 150000 : on june 1 2013 sam purchased used farm machinery for 150000. sam used the machinery in connection with his farming
10 come from ruwais 30 come from mirfa 40 come from : there are 25 students in a class in ruwais womens college. 10 come from ruwais 30 come from mirfa 40 come from
Aubrey brown is a decorated veteran of the vietnam war as a : aubrey brown is a decorated veteran of the vietnam war. as a result of his exposure to agent orange during the war
Arizona company reported accounts receivable of 21200000 at : arizona company reported accounts receivable of 21200000 at the end of its 2009 fiscal year. this amount was net of an
A 120-kg mail bag hangs by a vertical rope 35 m long a : question a 120-kg mail bag hangs by a vertical rope 3.5 m long. a postal worker then displaces the bag to a position

Reviews

Write a Review

Accounting Basics Questions & Answers

  Complete termination redemption

Lupe and Rodrigo, father and son, each own 50% of the stock outstanding of Heron Corporation (Eof $400,000). During the current year, Heron redeems all of Lupe's shares for $250,000. The transaction cannot qualify as a complete termination redempt..

  Calculate the payback periodnbspfor each project calculate

ast company is attempting to select among the two mutually exclusive projects both of which cost rs. 100000. the firm

  Classifications of net assets established by fasb statement

What are the three classifications of net assets established by FASB Statement 117?  How are these net assets affected by the existence or absence of donor-imposed restrictions? How are releases of these net assets accomplished?

  Financial information needed by the decision make

A financial manager is planning two projects, A and project B. A is expected to add $2 million to profits this year while B is expected to add $1 million to profits this year.

  Matrix inc acquired 25 of neo enterprises for 2000000 on

matrix inc acquired 25 of neo enterprises for 2000000 on january 1 2011. the fair value and book value of 25 of neos

  Determining taxable income-cash dividends from stocks

Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2010, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income is ??

  Evaluating an economic event

What does it mean to critically evaluate an economic event or resource in the context of an accounting standard  and what is actually being evaluated and how?

  How much profits will increase or decrease

Prepare computations showing how much profits will increase or decrease if the outside supplier's offer is accepted

  Susan sweets is a 40 percent shareholder in acclaim inc a

susan sweets is a 40 percent shareholder in acclaim inc. a theatrical supplies company. she transfers a fully

  Internal services funds are classified as proprietary funds

this is for government and not for profit governemtal accounting. financial statements must be adjusted to ensure

  Inventory items of a similar nature and use

A company has two inventory items of a similar nature and use. One item is held at the company's headquarters in Spain and one is held in France. Using IFRS:

  A company purchases property that includes land buildings

a company purchases property that includes land buildings and equipment for 5.5 million. the company pays 180000 in

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd