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McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick
Edition 3ISBN: 9780077924522McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick
Edition 3ISBN: 9780077924522 Exercise 8
{Planning} Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for the year was $53,000 before deducting any §179 expense (assume no bonus depreciation).
a) What is Dain's maximum §179 expense for the year
b) What is Dain's maximum depreciation expense for the year (including §179 expense)
c) If the January drill bits' original basis was $2,375,000, what is Dain's maximum §179 expense for the year
d) If the January drill bits' basis was $2,495,000, what is Dain's maximum §179 expense for the year
a) What is Dain's maximum §179 expense for the year b) What is Dain's maximum depreciation expense for the year (including §179 expense)
c) If the January drill bits' original basis was $2,375,000, what is Dain's maximum §179 expense for the year
d) If the January drill bits' basis was $2,495,000, what is Dain's maximum §179 expense for the year
Explanation
Verified
Verified
Depreciation (MACRS rules)
Depreciation ...
McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick
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