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The books of Seal Company, a calendar year taxpayer, had assets and related information (as detailed below) as of December 31, 2011. Seal's policy is to record depreciation on December 31 by way of a journal entry. Seal also takes advantage of any early write-offs of its purchased assets allowed by law. Based on the information given calculate Seal's maximum depreciation deduction for 2012. The office equipment purchased is new and Seal's taxable income for the year is $1,000,000. Bonus depreciation in effect for 2012 is 50%. Seal purchased office equipment of $240,000 on February 1, 2012.
Asset Basis Year Purchased
Manufacturing Tools 120,000 2011
Trucks 300,000 2010
Water Trans, Equip 150,000 2009
Fencing-Plant 90,000 2008
An organization in Australia needs to comply with the statutory requirements of taxation. There are different types of taxes among which a few are common for all the industries and
Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Stewie's deduction for the bad debt for this year? (Assu
Dan and Cheryl are married, file a joint return, and have no children. Dan is a pharmaceutical salesman and Cheryl is a nurse at a local hospital. Dan%u2019s SSN is 400-20-1000 and
Joe Smyth further advises you on the following transaction - work out the resultant capital gains tax consequences. Then calculate Joe's net capital gain for the 2010/11 income
Several years ago, Magdelena purchased a new residence for $300,000. Currently, the outstanding mortgage on the residence is $260,000. The current fair value of the home is $330,00
Department of Accounting Principles of Federal Income Taxation IOWA STATE UNIVERSITY ACCT 485 (SPRING 2013) ?TO: Tax Consulting Team FROM: Jon Perkins DATE: March 26th, 2013 RE: Ta
Assignments for Portfolio Development In order to demonstrate college-level mastery of the course objectives, you will be required to write a narrative for your electronic port
Price for 2000 words
In May 2003, Gencorp acquired Sequa Corp.'s propulsion subsidiary ARC for $133million in cash and $11 million in transactions costs. Table below lists selected information about
disadvantages of indirect taxes
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