(SOLVED) During 2015 Rita acquired and placed in service

two assets
During 2015, Rita acquired and placed in service two assets for use in her business, as follows:
• Asset A: Placed in service in February at a cost of $65,000 with a 7-year MACRS recovery
period. • Asset B: Placed in service in November at a cost of $30,000 with […]

Thad acquires a machine at a cost of $27,000 for use in his business and places it in service on
April 1, 2015. The machine is depreciated under MACRS, with a 7-year recovery period. This
machine was his only asset acquisition of the year. Thad elects to expense $25,000 of […]

Sid purchased an automobile for personal use on January 18, 2011 for $10,000. On January 1,
2015, Sid starts a small business and begins to use the automobile exclusively in the business.
The automobile’s FMV on this date is $6,000. MACRS depreciation deductions are based on a
5-year recovery period. […]

Sandy acquired business machinery (which qualified as 7-year MACRS property) on July 15,
2012, for $10,000. In 2012, Sandy claimed a $1,429 regular MACRS depreciation deduction
and she elected not to claim Sec. 179 depreciation or bonus depreciation. Because of net
operating losses in 2013–2015, Sandy did not claim any […]

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Weiskopf, a sole proprietor and a calendar-year taxpayer, purchased $60,000 of equipment

during 2015, as follows: Weiskopf’s CPA, to maximize the depreciation deduction, elects
$25,000 of Sec. 179 depreciation as follows: $20,000 on the March 1 property and $5,000 on
the September 18 property. What tax issue should be considered […]

Paula is planning to either purchase or lease a $50,000 automobile. She anticipates that
business use of the auto will be 60% for the first two years but will decline to 40% in years three
through five. Currently, Paula’s marginal tax rate is 15% but she anticipates that her marginal
[…]

Simon acquires an interest in an oil property for $50,000. Intangible drilling costs (IDCs) in the
initial year are $10,000. Cost depletion is $5,000 if the IDCs are expensed and $6,000 if the
costs are capitalized. Percentage depletion is $15,000 if the IDCs are expensed and $20,000 if
the costs […]

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