Business, 06.04.2021 04:30 bgallman153p71edg

Which of the following assets purchased in the current year are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations? a. Rexâ€™s Wrecks purchased $561,000 in new equipment during 2017. Rex wants to use Section 179 to expense the maximum amount of the purchase. How much will Rex get to expense under Section 179 and what will be the adjusted basis of the assets for calculating MACRS depreciation expense?
b. Rambo Manufacturing Co. purchased $2,055,000 in new production equipment during the current year. All of the equipment was purchased in June. What is the maximum depreciation deduction Rambo can take this year?

c. Rexâ€™s Wrecks purchased $150,000 in new equipment during the current year. Rex used Section 179 to expense the maximum amount of the purchase. From the following choices, how much did Rex get to expense under Sec.179, assuming the gross income from his business is $1,200,000 and his expenses (including MACRS depreciation) other than Section 179 were $1,150,000?

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 07:30, dimondqueen511

Which two of the following are benefits of consumer programs

Answers: 1

continue

Business, 22.06.2019 14:00, ujusdied5176

Which of the following would not generally be a motive for a firm to hold inventories? a. to decouple or separate parts of the production process b. to provide a stock of goods that will provide a selection for customers c. to take advantage of quantity discounts d. to minimize holding costs e. all of the above are functions of inventory.

Answers: 1

continue

Business, 22.06.2019 19:00, chrisroman152

20. to add body to a hearty broth, you may use a. onions. b. pasta. c. cheese. d. water.

Answers: 2

continue

Business, 22.06.2019 20:20, saurav76

Faldo corp sells on terms that allow customers 45 days to pay for merchandise. its sales last year were $325,000, and its year-end receivables were $60,000. if its dso is less than the 45-day credit period, then customers are paying on time. otherwise, they are paying late. by how much are customers paying early or late? base your answer on this equation: dso - credit period = days early or late, and use a 365-day year when calculating the dso. a positive answer indicates late payments, while a negative answer indicates early payments. a. 21.27b. 22.38c. 23.50d. 24.68e. 25.91b

Answers: 2

continue

You know the right answer?

Which of the following assets purchased in the current year are eligible to be expensed under Sectio...