It is not timed but it is due on the 29th
Thank you for your help, could you help me with a few more? ASAP?
Andrew and Brianna are married and live in Texas, a community property state. For their birthdays this year Andrew gave cash gifts of $20,000 to each of his two daughters, and Brianna gave $30,000 to her niece. What is the amount of Andrew's taxable gifts?
Jon operates a repair shop. On August 1, 2012 he purchased a piece of equipment for use in the repair of automobiles for $10,000. Jon anticipates the item will have a useful life to him of 5 years, and at that time will have a salvage value of $2,000. Jon has a calendar year tax year. He would like to know his options for depreciating the equipment. Calculate his depreciation under the following methods (warning-not all options will result in depreciation in all of the years listed) Complete the assignment on this form and upload to the assignment link.
Year Sec 179 Macrs Macrs Straight Line
2012 _______ ______ _ _______
2013 _______ _______ _______
2014 _______ _______ _______
2015 _______ _______ _______
2016 _______ _______ _______
2017 _______ _______ _______
2018 _______ _______ _______
2019 _______ _______ _______
Jon uses the machine for many years. He finally sells it on September 1, 2020 for $2,000. How much, if any, taxable income will he have in 2020 when he sells the machine under the various methods?
Section 179 _______
Macrs Straight Line _______
Unfortunately you would need to place these into a new thread with "For TeacherGreg" at the front and I would complete them right away for you.
The price point on this question will not allow me to continue on this thread.
I'll re post right away