Janey Purchased Machinery on April 8s1u1p1ths1s1p0 of the Current Year.the
Janey purchased machinery on April 8th of the current year.The relevant costs for the year are as follows: machinery for $10,000, $800 shipping, $50 for delivery insurance, $500 for installation, $750 for sales tax, $150 for the annual tune-up, and $200 of property taxes (an annual tax on business property).What is Janey's tax basis for the machinery?
Jaussi purchased a computer several years ago for $2,200 and used it for personal purposes.On November 10th of the current year, when the fair market value of the computer was $800, Jaussi converted it to business use.What is Jaussi's tax basis for the computer?
Flax LLC purchased only one asset this year.On January 16 Flax placed in service a computer (five-year property)with a basis of $14,000.Calculate the maximum depreciation deduction (ignoring §179 and bonus depreciation).(Use MACRS Table 1.)
Roth LLC purchased only one asset during the current year.On August 1st Roth placed in service office equipment (seven-year property)with a basis of $42,500.Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation).(Use MACRS Half-Year Convention Table.)(Round final answer to the nearest whole number.)