Total tax depreciation deduction, Accounting Basics

+44 141 628 6080
[email protected]

Total tax depreciation deduction

On June 1, 2012, Sandalwood Corporation purchases a passenger automobile for 100 percent use in its business. The automobile is in the 5-year cost recovery class and has a basis for depreciation of $30,000. Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2012 calendar tax year (Year 1)?

Select one:

a. $3,160

b. $3,060

c. None of the above

d. $6,000

e. $4,287

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Total tax depreciation deduction

Reference No:- TGS046079

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Statement with respect to the depreciation of the building

On January 1, 2012, Roxburgia Company places a commercial storage building in service. The costs allocated to construction of the building total $300,000 and land is accounted for separately. Which of the following is a true statement with respect

Q : Maximum depreciation deduction including bonus depreciation

If the standard recovery period table would allow $5,716 of depreciation expense on the $40,000 of equipment purchased in 2012, what is Sandy's maximum depreciation deduction, including bonus depreciation and the Section 179 election to expense, f

Q : Return for the purchased goodwill

On January 1, 2012, Ted purchased a small software company for $200,000. He paid $95,000 for the fixed assets of the company and $105,000 for goodwill. How much amortization may Ted deduct on his 2012 tax return for the purchased goodwill?

Q : Election to expense or take bonus depreciation problem

On June 1, 2012, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cost basis of $22,000, has a 5-year estimated life. It also is 5-year recovery property. How much depreciation should be t

Q : Total tax depreciation deduction

Assuming that the corporation elects the accelerated method of cost recovery for the asset and does not elect to expense any of its cost or take bonus depreciation, what is the total tax depreciation deduction for the 2012 calendar tax year (Year

Q : Maximum amount of depreciation that company can claim

Steve Corp bought a $925,000 apartment building in 2011. $100,000 of the building cost is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2012 (year 2) for the building?

Q : How much deduct for rent expense on tax return

Vernon is a cash basis taxpayer with a calendar tax year. On November 1, 2012, Vernon entered into a lease to rent a building for use in his business at $4,000 a month. On that day Vernon paid 6 months rent on the building, a total of $24,000 ($4,

Q : Maximum depreciation expense deduction

What is the maximum depreciation expense deduction for Year 2 (2013) for a passenger automobile, used 100 percent for qualified business use, placed in service on June 15, 2012 and costing $12,000 (the election to expense is not made and no bonus

Q : Depreciation of real property under macrs

Which of the following statements with respect to the depreciation of real property under MACRS is correct?

1923412

Questions
Asked

3,689

Active Tutors

1445101

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Total tax depreciation deduction

Reference No:- TGS046079

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Statement with respect to the depreciation of the building

Q : Maximum depreciation deduction including bonus depreciation

Q : Return for the purchased goodwill

Q : Election to expense or take bonus depreciation problem

Q : Total tax depreciation deduction

Q : Maximum amount of depreciation that company can claim

Q : How much deduct for rent expense on tax return

Q : Maximum depreciation expense deduction

Q : Depreciation of real property under macrs

What is the pathophysiology of osteoarthritis

Resources about nursing profession issues in united states

List and define the seven types of elder abuse

Negative-positive feedback mechanisms in homeostasis

Manifestation of acquired condition or genetic abnormality

Describe how the uncertainty in illness theory

What is the big picture of the immune systems role

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Total tax depreciation deduction

Reference No:- TGS046079

Recent Questions Asked Accounting Basics

Q : Statement with respect to the depreciation of the building

Q : Maximum depreciation deduction including bonus depreciation

Q : Return for the purchased goodwill

Q : Election to expense or take bonus depreciation problem

Q : Total tax depreciation deduction

Q : Maximum amount of depreciation that company can claim

Q : How much deduct for rent expense on tax return

Q : Maximum depreciation expense deduction

Q : Depreciation of real property under macrs

Asked Questions