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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
Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position a
A and B are unrelated individuals. A forms Newco Inc. on January 2 of the current year by transferring property with a basis of $10,000 and a value of $50,000 for all 50 shares of
To prepare Jackie O. Park''s tax return without the aid of Tax preparation software, complete the following steps: Ensure that you have an Adobe Reader http://get.adobe.com/reade
Macy had a lot of medical expenses this year that were not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expe
I have MCQ In corp. Tax area ?
Hi Dear, I did not upload it yet, because I want you to tell me if you have the ability to do that within two hours or no,,!! The assignments are MC and three or four probl
During February, 2010, Jacob's Jewels sells a broach for $428,000. The cost to the business of this necklace as $212,000, resulting in a gross profit of $216,000. The $428,000 sale
two years ago, corporation used its excess cash to purchase piece of land as an investment. Is this ordinary, capital or 1231 asset?
Calculation of tax benefits of capital allowances The net present value is approximately $1083000 An alternative solution using annuity factors is as follows. T
Dan and Cheryl are married , file a joint return, and have no children. Dan , age 45, is a pharmaceutial salesman and Cheryl, age 42, is a nurse at a local hospital . Dan''s SSN is
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