(Solution) If 179 Expense Is First Allocated To The Seven-year Class Property, The Deduction For The Year Would Be $ Larger. | Snapessays.com


(Solution) If 179 expense is first allocated to the seven-year class property, the deduction for the year would be $ larger.


.  If § 179 expense is first allocated to the seven-year class property, the deduction for the year would be $  larger.Lori, who is single, purchased 5-year class property for $200,000 and 7-year class property for $400,000 on May 20, 2015. Lori expects the taxable income derived from her business (without regard to the amount expensed under § 179) to be about $800,000. Lori wants to elect immediate § 179 expensing, but she doesn’t know which asset she should expense under § 179. She does not claim any available additional first-year depreciation.Note: Assume the 2014 § 179 amount is extended to 2015.Click here to access Exhibit 8.1 and Exhibit 8.4 of the textbook.a.  Determine Lori's total deduction if the § 179 expense is first taken with respect to the 5-year class asset. Immediate expense deduction under § 179 $  Copier     Regular MACRS   Furniture     Regular MACRS   Total deduction $  b.  Determine Lori's total deduction if the § 179 expense is first taken with respect to the 7-year class asset. Immediate expense deduction under § 179 $  Copier     Regular MACRS   Furniture     Regular MACRS   Total deduction $  c.  If § 179 expense is first allocated to the seven-year class property, the deduction for the year would be $  larger.

 


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This question was answered on: May 23, 2022

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