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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 9819
Experience:  Finished my BA degree with a GPA of 4.0.
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John purchased three new front loaders on January 15, 2014

Customer Question

John purchased three new front loaders on January 15, 2014 for $550,000 and elects section 179 expensing on the front loaders. He also purchased a dump truck on January 18, 2014 for $80,000. He elects to take additional first year depreciation on both
the loaders and dump truck. What is John’s total cost recovery deduction for the year?
Submitted: 1 year ago.
Category: Single Problem
Expert:  Manal Elkhoshkhany replied 1 year ago.
Hello
Please advise your deadline as well as the name of the book you are using: Title, author's name and edition. I need the name of the book and the edition so that I apply the correct rates as used by your book
Thank you
Customer: replied 1 year ago.
The deadline is immediately. The name of the book is Individual Income taxes 2015 by Hoffman Smith.
Expert:  Manal Elkhoshkhany replied 1 year ago.
Thank you
Working on the questions
Expert:  Manal Elkhoshkhany replied 1 year ago.
Please click on the following link to download the solutions:
https://app.box.com/s/ub5ldj81oupbl0hfh82fjq0mvjvoweyt
If you have any questions, please do not hesitate to ask; if all is clear, please rate the service
P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For Manal Elkhoshkhany" at the beginning of your post. Should you choose to do this, please try to allow me at least 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will (Also please notify me at least 48 hours in advance) . Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.
Thank you
Customer: replied 1 year ago.
Thanks! I'm still confused on how you got 500,000 for the section 179 expense? It adds up to $530,000 instead of $575,000 on the first step!
Customer: replied 1 year ago.
These are five year assets? Is that correct?
Expert:  Manal Elkhoshkhany replied 1 year ago.
Hi
You are correct about the $530,000 (Don't know how I calculated that as $575,000!!. Let me double check about the classification again cause I think they are regarded as equipment (which would be 7 years), but let me just double check
Thank you
Expert:  Manal Elkhoshkhany replied 1 year ago.
No, 5 years is correct because they are considered "Light and Heavy General Purpose Trucks"
Did you want me to upload a corrected version (with the $530,000) or can you correct that on your file?
Thank you and I apologize for that mistake
Customer: replied 1 year ago.
Please can you upload it!
Customer: replied 1 year ago.
Why would the section 179 expense be $500,000 and not $550,000?
Expert:  Manal Elkhoshkhany replied 1 year ago.
The limitation is $500,000
Please click on the following link
https://app.box.com/s/5lgtkvui2apajcg2xd5enotn5srlhu0i
Thank you
Customer: replied 1 year ago.
I think you sent me a different answer sheet!
Expert:  Manal Elkhoshkhany replied 1 year ago.
How did that happen? !!
Could be because I was in a rush as I had a family emergency. In any case, I will post the link and opt out from the post cause I really cannot believe why this became so complicated. Consider the solution a form of apology please.
https://app.box.com/s/ub5ldj81oupbl0hfh82fjq0mvjvoweyt
Thank you and all the best

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