Determine the adjusted basis of each of the following assets:
a. Leineia purchased an automobile 2 years ago for $30,000. She uses it 75% in her business and 25% for personal use. To date, she has deducted $4,209 in allowable depreciation on the business use portion of the automobile.
b. Three years ago, Quon purchased an office building for $330,000. The purchase price was properly allocated as $250,000 to the building and $80,000 to the land. Building remodeling cost $8,000. He paid $12,000 for the installation of a parking lot and sidewalks. Insurance premiums on the building are $5,000 per year. Quon has deducted total allowable depreciation on the building of $70,620 and $1,000 on the land improvements for the 3 years.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Determine the adjusted basis of each of the following assets: a. Leineia purchased an automobile 2 years ago for $30,000. She uses it 75% ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Monroe Minerals Company purchased a copper mine for $120,000,000. The mine was expected to produce 50,000 tons of copper over its useful life. During Year 1, the company extracted 6,000 tons of copper. The copper was sold for $4,500 per ton.
Answers (1)
You have bought a house today at the price of $500,000. In the next two years, you will get a rent of $50,000 each year. In year 3, there is no rent income but you will sell the house at the price of $800,000.
Answers (1)
A monopolistic competitive firm is currently charging a price of $10 and producing 12,000 units/month. It faces monthly fixed costs of $15,000 and has an average variable cost of $6/unit. In the long run, we would expect:
Answers (1)
Which of the following is an example of a tort? A person is supposed to provide services but fails to. A person steals money from his or her employer. A restaurant violates a city health ordinance. A business refuses to serve some unruly customers
Answers (1)
Sandhill Company purchased $1280000 of 8%, 5-year bonds from Carlin, Inc. on January 1, 2021, with interest payable on July 1 and January 1. The bonds sold for $1329096 at an effective interest rate of 7%.
Answers (1)
New Questions in Business
Cowpoke Partners is the investment adviser to the Western Vistas family of funds, the firm's sole advisory client. The Western Vistas family currently has $18 million under management.
Answers (1)
Assume a company had the following production costs: Direct labor $ 2 per unit Direct material $ 3 per unit Variable overhead $ 4 per unit Total variable $ 9 per unit Fixed overhead ($50,000/10,000 units) $ 5 per unit Total production cost $ 14 per
Answers (1)
You look up the phone number of the new pizza hut and repeat the number silently in your head until you find a pad of paper to write it down. the process of actively repeating the number is called
Answers (1)
This simply means a general agreement: a. Consignment c. Conscription b. Consensus d. Continuity
Answers (1)
Building a specific, unique product for one customer is called processing true or false
Answers (1)