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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
Arnold and Beth file a joint return. Use the following data to calculate their deduction for AGI. Mortgage interest on personal residence $ 4,000 Property taxes on personal resi
WriteRight, Inc. has engaged us to prepare its 2012 Federal (but not state) income tax return. Your responsibilities are as follows: 1. Prepare WriteRight, Inc.'s 2012 Federal
Mann Limited purchased machinery on 1 January 20.9, on which date it was estimated to have a useful life of 5 years and a nil residual value. The carrying amount on 31 December 20
Income tax groupings given by the Internal Revenue Service (IRS) that decide that at what rate an individual, corporation's or trust, annual income will expose to federal income ta
I need help with tax
Good Health Company Inc. began business in 2007 and has operating results as listed below. In 2009 & 2010 it generated net operating losses of $75,000 and $120,000 respectively. Th
#queTonya had the following items for last year: Salary $40,000 Short-term capital gain 12,000 Nonbusiness bad debt (25,000) Long-term capital gain 8,000 For the current year, Tony
For purposes of this problem, ignore the possibility that there might be a disguised sale, assume that DEF uses the traditional method for making § 704(c) allocations, and finally
Wes and Donna were the only members of an LLC, and they fended off unwated takeover suitors with a clause in the charter that shares could change hands only with unanimous approval
Problem Facts. Larry K. and Cathy L. Zepp have been married 19 years. Larry is 62 years old (Social Security number 123-45-6789) while Cathy is 57 years old (Social Security number
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