This year Amy purchased $2,000 of equipment for use in her business. However, the machine was damaged in a traffic accident while Amy was transporting the equipment to her business. Note that because Amy did not place the equipment into service during the year, she does not claim any depreciation expense for the equipment.
a. After the accident, Amy had the choice of repairing the equipment for $1,800 or selling the equipment to a junk shop for $300.Amy sold the equipment. What amount can Amy deduct for the loss of the equipment?
b. After the accident, Amy repaired the equipment for $800.What amount can Amy deduct for the loss of the equipment?
c. After the accident, Amy could not replace the equipment so she had the equipment repaired for $2,300.What amount can Amy deduct for the loss of the equipment?
Answers: 3
Business, 22.06.2019 20:10
Russell's is considering purchasing $697,400 of equipment for a four-year project. the equipment falls in the five-year macrs class with annual percentages of .2, .32, .192, .1152, .1152, and .0576 for years 1 to 6, respectively. at the end of the project the equipment can be sold for an estimated $135,000. the required return is 13.2 percent and the tax rate is 23 percent. what is the amount of the aftertax salvage value of the equipment assuming no bonus depreciation is taken
Answers: 2
Business, 23.06.2019 01:10
Hillside issues $4,000,000 of 6%, 15-year bonds dated january 1, 2016, that pay interest semiannually on june 30 and december 31. the bonds are issued at a price of $4,895,980. required: 1. prepare the january 1, 2016, journal entry to record the bonds’ issuance
Answers: 3
Business, 23.06.2019 07:50
If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100 and vice-versa, what is the absolute value of the own price elasticity at a price of $7? note that the question is about the price point of $7, and not $5.
Answers: 2
Business, 23.06.2019 08:30
During his last performance review, franco's boss urged him to set some short-term and long-term sales goals to him perform better at work. which workplace skill does franco's boss want him to improve?
Answers: 2
This year Amy purchased $2,000 of equipment for use in her business. However, the machine was damage...
History, 21.09.2021 14:10
Chemistry, 21.09.2021 14:10
Mathematics, 21.09.2021 14:10
Biology, 21.09.2021 14:10
Mathematics, 21.09.2021 14:10
Mathematics, 21.09.2021 14:10
Chemistry, 21.09.2021 14:10
Mathematics, 21.09.2021 14:10
Biology, 21.09.2021 14:10
Social Studies, 21.09.2021 14:10