Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 11.00

production capacity

During 2012, TM had huge success (and had no §179 limitations) and Steve acquired more assets the next year to increase its production capacity. These are the assets acquired during 2013:

Asset Cost Date Placed in Service
Computers & Info. System $40,000 03/31/2013
Luxury Autoâ? 80,000 05/26/2013
Assembly Equipment 475,000 08/15/2013
Storage Building 400,000 11/13/2013

â? Used 100% for business purposes. Use 2012 limitations for 2013.

TM generated a taxable income in 2013 before any §179 expense of $732,500.

  1. Compute maximum 2012 depreciation deductions including §179 expense (ignoring bonus depreciation).

  2. Compute maximum 2013 depreciation deductions including §179 expense (ignoring bonus depreciation).

  3. Compute maximum 2013 depreciation deductions including §179 expense, but now assume that Steve would like to take bonus depreciation.

  4. Ignoring part (c), now assume that during 2013, Steve decides to buy a competitor's assets for a purchase price of $350,000. Compute maximum 2013 cost recovery including §179 expense (ignoring bonus depreciation). Steve purchased the following assets for the lump-sum purchase price.

    Asset Cost? Date Placed in Service
    Inventory $20,000 09/15/2013
    Office furniture 30,000 09/15/2013
    Machinery 50,000 09/15/2013
    Patent 98,000 09/15/2013
    Goodwill 2,000 09/15/2013
    Building 130,000 09/15/2013
    Land 20,000 09/15/2013

  5. Complete Part I of Form 4562 for part (b).

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 12:08 AM My Price 11.00

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