On March 10, 2006, Yoon purchsed three-year class property:
a. Calculate Yoon's cost recovery for 2006, assuming he does not make the (section 179) election our use straight-line recovery line.
b. Calculate Yoon's cost recovery for 2006, assuming he does elect to use (section 179) and does not elect to use straight-lie cost recovery.
c. Assuming Yoon's marginal tax rate is 33%, determine his tax benefit from electing (section 179).
2007-03-24 05:34:59 · 4 answers · asked by jaygee 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
On March 10, 2006, Yoon purchased three-year class property for $20,000. On December 15, 2006, he purchased five-year class property for $127,000. Yoon has net business income of $140,000 before consideration of any (section 179) deduction.
a. Calculate Yoon's cost recovery for 2006, assuming he does not make the (section 179) election or use straight-line recovery line.
b. Calculate Yoon's cost recovery for 2006, assuming he does elect to use (section 179) and does not elect to use straight-line cost recovery.
c. Assuming Yoon's marginal tax rate is 33%, determine his tax benefit from electing (section 179).
2007-03-24 08:10:58 · update #1
You need to give us the cost of the asset.
2007-03-24 06:13:58 · answer #1 · answered by tma 6 · 1⤊ 0⤋
You're going to have to do your own homework and understand the material, we do not need another crooked accountant out there.
2007-03-24 22:59:02 · answer #2 · answered by It's me 3 · 1⤊ 0⤋
Not enough information to answer your homework question for you.
2007-03-24 12:40:30 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Cannot be calculated. Why?
You need to go to spelling school first.
.........purchased..........
2007-03-24 13:47:03 · answer #4 · answered by bold4bs 4 · 0⤊ 2⤋