Combined Depreciation
Not what you're looking for?
6. Answer_____________ Michelle has an advertising business that she reports on Schedule C of her personal tax return. On May 1, 2006, Michelle purchased a Toyota Camry for $22,000. She purchased a copier for $30,000 on October 15th and office furniture for $50,000 on November 1st. All assets acquired are new. The Camry is used 90% for business. Her income before depreciation and Section 179 expense is $250,000. If she wants to maximize her deductions in 2006, what is the maximum combined depreciation and Section 179 deduction?
a. $82,664
b. $82,960
c. $99,800
d. $102,000
Purchase this Solution
Solution Summary
6. Answer_____________ Michelle has an advertising business that she reports on Schedule C of her personal tax return. On May 1, 2006, Michelle purchased a Toyota Camry for $22,000. She purchased a copier for $30,000 on October 15th and office furniture for $50,000 on November 1st. All assets acquired are new. The Camry is used 90% for business. Her income before depreciation and Section 179 expense is $250,000. If she wants to maximize her deductions in 2006, what is the maximum combined depreciation and Section 179 deduction?
Solution Preview
Full Sec 179 can be taken for both the copier and the office furniture, Sec 179 is ...
Purchase this Solution
Free BrainMass Quizzes
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Operations Management
This quiz tests a student's knowledge about Operations Management
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.