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linda_us
linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1402
Experience:  A tutor for Business, Finance, Accounts and other related topics.
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1- If a taxpayer purchases land worth $200,000 with an

Customer Question

1- If a taxpayer purchases land worth $200,000 with an office building valued at $100,000 on it, how are the two depreciated for tax purposes?
Land:
Office building:
2- On July 2, 2012, Scott purchased a commercial building. The cost basis assigned to the building us $600,000. Scott also owns a residential apartment building he purchased on June 15, 2011 with a cost basis of $400,000.
A) Calculate Scott’s total depreciation deduction for the buildings for 2012, using the Modified Accelerated Cost Recovery System.
B) Calculate Scott’s total depreciation for the buildings for 2013, using the Modified Accelerated Cost Recovery System.
3- Explain the use of the half year convention for MACRS deprecation for assets other than real estate and the exception to the half-year convention rule.
A) Year of the acquisition
B) Year of disposal
C) Mid-quarter convention
4- Betty purchased a used $12,000 car in 2012 to use exclusively in her business.
A) What will the
Submitted: 1 year ago.
Category: Multiple Problems
Customer: replied 1 year ago.
4- Betty purchased a used $12,000 car in 2012 to use exclusively in her business.
A) What will the standard MACRS depreciation schedule be for the first 6 years the auto is depreciation?
Year1:
Year2:
Year3:
Year4:
Year5:
Year6:5- Please give the depreciable lives for 2012 tax purposes for these assets:a)Automobiles
b)Business furniture
c)Computers
d)Residential real estate
e)Commercial real estate
f)Land
g)Purchased goodwill
Expert:  linda_us replied 1 year ago.
Thanks for requesting me.
Please let me know your deadline for this assignment.
Customer: replied 1 year ago.
Tonight
Customer: replied 1 year ago.
Would you be able to finish them today and the subject is tax law
Customer: replied 1 year ago.
Hello!!

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