Email Id : support@studentehelp.com

Join the largest growing online portal for ACC 307 Week 5 Quiz 4 help. Get the best help available online to the course (University of Phoenix) and score the highest grades in discussion questions. We bring best answer to you to solve your all related problems. It’s never too late to make your grades better so get connect with StudentEHelp to score good marks in exam. We specialize in providing you with the best sources for completing the individual assignment and entire classes..

ACC 307 Week 5 Quiz 4

ACC 307 Week 5 Quiz 4
ACC 307 Week 5 Quiz 4 -
  • Question 1

On June 1, 2014, 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. Determine the cost recovery deduction for 2014.

Answer                                     

 

  • Question 2

Alice purchased office furniture on September 20, 2013, for $100,000. On October 10, 2013, she purchased business computers for $80,000. Alice placed all of the assets in service on January 15, 2014. Alice did not elect to expense any of the assets under § 179, did not elect straight¬line cost recovery, and did not take additional first¬year depreciation (if available). Determine the cost recovery deduction for the business assets for 2014.

Answer                                     

 

  • Question 3

The only asset Bill purchased during 2014 was a new seven-year class asset. The asset, which was listed property, was acquired on June 17 at a cost of $50,000. The asset was used 40% for business, 30% for the production of income, and the rest of the time for personal use. Bill always elects to expense the maximum amount under § 179 whenever it is applicable. The net income from the business before the § 179 deduction is $100,000. Determine Bill’s maximum deduction with respect to the property for 2014.

Answer              

 

  • Question 4

Grape Corporation purchased a machine in December of the current year. This was the only asset purchased during the current year. The machine was placed in service in January of the following year. No assets were purchased in the following year. Grape Corporation’s cost recovery would begin:

Answer                                   

 

  • Question 5

Orange Corporation begins business on April 2, 2014. The corporation has startup expenditures of $64,000 which it incurred last year. If Orange Corporation elects § 195, determine the total amount that Orange may deduct in 2014.

Answer 

 

  • Question 6

In 2013, Gail had a § 179 deduction carryover of $30,000. In 2014, she elected § 179 for an asset acquired at a cost of $115,000. Gail’s § 179 business income limitation for 2014 is $140,000. Determine Gail’s § 179 deduction for 2014.

Answer  

 

  • Question 7

On June 1, 2014, James places in service a new automobile that cost $40,000. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.)  James does not take additional first-year depreciation (if available). Determine the cost recovery deduction for 2014.

  •  

 

  • Question 8

Hazel purchased a new business asset (five-year asset) on September 30, 2014, at a cost of $100,000. On October 4, 2014, Hazel placed the asset in service. This was the only asset Hazel placed in service in 2014. Hazel did not elect § 179 or additional first¬year depreciation if available. On August 20, 2015, Hazel sold the asset. Determine the cost recovery for 2015 for the asset.

Answer                                      

 

  • Question 9

On July 10, 2014, Ariff places in service a new sports utility vehicle that cost $70,000 and weighed 6,300 pounds. The SUV is used 100% for business. Determine Ariff’s maximum deduction for 2014, assuming Ariff’s § 179 business income is $110,000. Ariff does not take additional first-year depreciation (if available).

Answer                                                  

 

  • Question 10

On June 1, 2014, Norm leases a taxi and places it in service. The lease payments are $1,000 per month. Assuming the dollar amount from the IRS table is $241, determine Norm’s inclusion amount.

Answer                                                 

 

 

Total Reviews(0)

Most Popular Assignments And Final Exams for ACC 307

ACC 307 Week 11 Quiz 9
ACC 307 Week 11 Quiz 9
Rating: A+ Purchased: 36 Times

$7.99

ACC 307 Week 11 Discussion
ACC 307 Week 11 Discussion
Rating: A Purchased: 33 Times

$1.49

ACC 307 Week 10 Quiz 8
ACC 307 Week 10 Quiz 8
Rating: A+ Purchased: 32 Times

$7.99

ACC 307 Week 10 Discussion
ACC 307 Week 10 Discussion
Rating: A Purchased: 29 Times

$1.49

ACC 307 Week 9 Quiz 7
ACC 307 Week 9 Quiz 7
Rating: A+ Purchased: 32 Times

$7.99

ACC 307 Week 9  Discussion
ACC 307 Week 9 Discussion
Rating: A Purchased: 30 Times

$1.49

ACC 307 Week 8 Quiz 6
ACC 307 Week 8 Quiz 6
Rating: A+ Purchased: 38 Times

$7.99

ACC 307 Week 8 Discussion
ACC 307 Week 8 Discussion
Rating: A+ Purchased: 35 Times

$1.49