05 Feb Please complete these 3 questions in the document. Please check the question document below. Please complete this work with
Please complete these 3 questions in the document.
Please check the question document below.
Please complete this work within 48hrs, give this work on Sunday, Feb 6th, before 12PM with US central time (Chicago)
Name:_________________________________
1.) Tiny Treasures has the following assets. Calculate the depreciation deduction for 2021.
|
Asset |
Convention |
Date Purchased |
Date Sold |
Cost |
Depreciation 2021 |
|
Truck |
HY |
2/6/17 |
$35,000 |
||
|
Land |
3/1/18 |
9/5/21 |
$100,000 |
||
|
Office building |
MM |
3/1/18 |
9/5/21 |
$500,000 |
|
|
Office furniture |
MQ |
8/12/20 |
9/5/21 |
$40,000 |
|
|
Computer equipment |
MQ |
11/1/21 |
$15,000 |
2.) Barnyard Blitz sold the following assets:
· Land used in their business, purchased 5 years ago for $200,00 and sold this year for $312,000
· Land held for investment, purchased 3 years ago for $400,000 and sold this year for $450,000
· Stock in Farmania, Inc., purchased 6 months ago for $50,000 and sold this year for $42,000
· Stock in Tractor Town, Inc., purchased 2 years ago for $112,000 and old this year for $200,000
Blitz has a long-term capital loss carryover from the previous year of $15,000. What is the amount and character of their gain (loss) after all netting?
3.) Shipwreck Sally’s provided the following financial information:
|
Sales |
$500,000 |
|
Salaries |
($150,000) |
|
Depreciation |
($70,000) |
|
Rent |
($120,000) |
|
Lobbying expenditures |
($14,000) |
|
Interest income |
$26,000 |
In talking with the owner, you discover the following:
· Included in sales is a pre-payment of $10,000 for goods to be delivered next year.
· Depreciation was calculated on a straight-line basis. MACRS depreciation is $95,000.
· Rent consists of a 24-month rental agreement for office space. The rent was paid on May 15th and the rental term began on June 1st.
· Interest income consists of $20,000 bank interest and $6,000 interest on a Champaign County municipal bond.
Shipwreck Sally’s is accrual basis for tax purposes and would like to make any elections that help reduce taxable income. What is Shipwrecked Sally’s taxable income for the year?
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