(SOLVED) MNO is a calendar year taxpayer On March 1

MNO
MNO is a calendar year taxpayer. On March 1, MNO signed a 36-month lease on 2,100 square
feet of commercial office space. It paid a $3,240 fee to the real estate agent who located the
space and negotiated the lease and $8,800 to install new overhead lighting in the office […]

Mr. Z, a calendar year taxpayer, opened a new car wash. Prior to the car wash’s grand opening
on October 8, Mr. Z incurred various start-up expenditures (rent, utilities, employee salaries,
supplies, etc.). In each of the following cases, compute Mr. Z’s first-year deduction with respect
to these expenditures. a. […]

Ajax Inc. was formed on April 25 and elected a calendar year for tax purposes. Ajax paid
$11,200 to the attorney who drew up the articles of incorporation and $5,100 to the CPA who
advised the corporation concerning the accounting and tax implications of its organization. Ajax
began business operations […]

At the beginning of its 2015 tax year, Hiram owned the following business assets: On July 8,
Hiram sold its equipment. On August 18, it purchased and placed in ser-vice new tools costing
$89,000; these tools are three-year recovery property. These were Hiram’s only capital
transactions for the year. Compute […]

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Loni Company paid $527,000 for tangible personality in 2013 and elected to expense $500,000
of the cost (the limited dollar amount for 2013). Loni’s taxable income before a Section 179
deduction was $394,100. Loni paid $23,700 for tangible personality in 2014 and elected to
expense the entire cost. Loni’s taxable […]

In 2014, Company W elected under Section 179 to expense $69,300 of the cost of qualifying
property. However, it could deduct only $65,000 of the expense because of the taxable income
limitation. In 2015, Company W’s taxable income before any Section 179 deduction was
$812,000. Compute its 2015 Section 179 […]

In 2015, Firm L purchased machinery costing $21,300 and elected to expense the entire cost
under Section 179. How much of the expense can Firm L deduct in each of the following cases?
a. Its taxable income before the deduction was $58,000. b. Its taxable income before the
deduction was […]

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