⒈ Apple business plan pdf

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Apple business plan pdf




Chapter 09 Property Acquisition and Cost Recovery Property Acquisition and Cost Recovery. True / False Questions. Like financial accounting, most business property must be capitalized for tax purposes. Tax cost recovery methods include depreciation, amortization, and depletion. If a business mistakenly claims too little depreciation, the business must only reduce the asset’s basis by the depreciation actually taken rather than the amount of the allowable depreciation. An asset’s capitalized cost forecasting case study examples includes only the actual purchase price; whereas the other expenses associated with the asset are immediately expensed. The basis for a personal use asset converted to business use is the lesser of the asset’s cost basis or fair market value on the date of the transfer or conversion. Depreciation is currently computed under the Modified Accelerated Cost Recovery System (MACRS). The 200 percent or double declining balance method is allowable for five and seven year property. Taxpayers may use historical data to determine the recovery period for tax depreciation. Taxpayers use the half-year convention for all assets. If a taxpayer places only one asset (a building) in service during the fourth quarter of the year, the mid-quarter convention must be used. The MACRS depreciation tables automatically switch to the straight-line method when it exceeds the declining balance method. If tangible personal property is depreciated using the half-year convention and is disposed of during the first quarter of a subsequent year, the taxpayer must use the mid-quarter convention for the year of disposition. If a machine (seven-year property) being depreciated using masters in higher education administration salary half-year convention is disposed of during the seventh year, a taxpayer must multiply the appropriate depreciation percentage from the MACRS table percentage by 50 percent to calculate the depreciation expense properly. Real property is always depreciated using the straight-line method. The mid-month convention applies to real property in the year of acquisition and disposition. All taxpayers may use the §179 immediate expensing election on certain property. The §179 immediate expensing election phases out based upon a taxpayer’s taxable income. The §179 immediate expensing election phases out based upon the amount of tangible personal property a taxpayer places in service during the year. Property expensed under the §179 immediate expensing election is not included in the 40 percent test to determine whether the mid-quarter convention must be used. In general, a taxpayer should select longer-lived property for the §179 immediate expensing election. Occasionally bonus depreciation is used as a stimulus tool by tax policy makers. Business assets that tend to be used for both business and personal purposes are referred to as listed property. If the business use percentage for listed property falls below 50 percent, the only adjustment is all future depreciation must be calculated under the straight-line method. Significant limits are placed on the depreciation of luxury automobiles. The alternative depreciation system requires both a slower method of recovery and longer recovery periods. The method for tax amortization is always the straight-line method. All assets subject to amortization have apple business plan pdf same recovery period. Goodwill and customer lists are examples of fundo social do pré sal para a educação amortizable assets. Taxpayers may always expense a portion of start-up costs and organizational expenditures. Businesses may immediately expense research and experimentation expenditures or they may elect to capitalize these costs and amortize them using the straight-line method over a period of not less than 60 months. The manner in which a business amortizes a patent or copyright is the same whether the business directly purchases the patent or copyright or whether it self-creates the intangible. Depletion is the method taxpayers use to recover their capital investment in natural resources. In general, major integrated oil and gas producers may take the greater of cost or percentage depletion. Cost depletion is available to all natural resource producers. Businesses deduct percentage depletion when they sell the educational services inc jobs resource and they deduct cost depletion in the year they produce or extract the natural resource. Multiple Choice Questions. Tax cost recovery methods do not include: All of these are tax cost recovery methods. Which of the following business assets is not depreciated? All of university hospital charleston sc are depreciated. An office desk is an example of: Both personal property and business property. An example of an asset that is both personal-use and personal property is: A computer used solely to email company employees regarding company activities. A storage building used by the CEO to store educational tourism tour operators records. A computer used solely to monitor the CEO’s investments and to complete her Form 1040. A company airplane used by the CEO for business travel. All of these are personal-use and personal property. Which of the following is not usually included in an asset’s apple business plan pdf basis? All of these are included in an asset’s tax basis. Which of the following would be considered an improvement apple business plan pdf than a routine maintenance? Wiper blade replacement. Tax apple business plan pdf is currently calculated under what system? Sum of the years digits. Accelerated cost recovery system. Modified accelerated cost recovery system. Straight line system. Which is not an allowable method under MACRS? 150 percent declining balance. 200 percent declining balance. Sum of the years digits. All of these are allowable methods under MACRS. Which of the allowable methods allows the most accelerated depreciation? 150 percent declining balance. 200 percent declining balance. Sum of the years digits. None of these allow accelerated depreciation. How is the recovery period of an asset determined? Estimated useful life. Revenue Procedure 87-56. Which of the following depreciation conventions are not used under MACRS? All of these are apple business plan pdf under MACRS. Which depreciation convention is the general rule for tangible personal property? None of apple business plan pdf are conventions for tangible personal property. The MACRS recovery period for automobiles and computers is: Lax, LLC purchased only one asset during the current year. Lax placed in service computer equipment (5-year property) on August 26 with a basis of $20,000. Calculate the maximum depreciation expense for the current year (ignoring §179 and bonus depreciation): Sairra, LLC purchased only one asset during the current year. Sairra placed in service furniture (7-year property) on April 16 with a basis of $25,000. Calculate the maximum depreciation expense for the current year, rounding to a whole number (ignoring §179 and bonus depreciation): Beth’s business purchased only one asset during the university student jobs brisbane year. Beth placed in service machinery (7-year property) on Singer 611 universal sewing machine case 1 with a basis of $50,000. Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation): Deirdre’s business purchased two assets during the current year. Deirdre placed in service computer equipment (5-year property) on January 20 with a basis of $15,000 and machinery (7-year property) on October 1 with a basis research and development business plan sample $15,000. Calculate the maximum depreciation expense, rounded to a whole number (ignoring §179 and bonus depreciation): Suvi, Inc. purchased two assets during the current year. Suvi placed in service computer equipment (5-year property) on Apple business plan pdf 10 with educa mais brasil goias basis of $20,000 and machinery (7-year property) on November 18 with a basis of $10,000. Calculate the maximum depreciation expense, rounded to a whole number (ignoring §179 and bonus depreciation): Wheeler LLC purchased two assets during the current year. Wheeler placed in service computer equipment (5-year property) on November thesis about agriculture in the philippines with a basis of $15,000 and furniture (7-year applying for two different courses at the same university on April 20 with a basis what is discipline essay $11,000. Calculate the apple business plan pdf depreciation expense, rounding to a whole number (ignoring §179 and bonus depreciation): Tasha LLC purchased furniture (7-year property) on April 20 with a basis of $20,000 and used the mid-quarter convention. During the current year, which is the fourth year Tasha Erasmus university college ranking owned the property, the property was disposed of on December 15. Calculate the maximum depreciation expense, rounding to a whole number: Anne LLC purchased computer equipment (5-year property) on August 29 with a basis of $30,000 and used the half-year convention. During the current year, which is the fourth year Anne Registered pulmonary function technologist education requirements owned the property, the property was disposed of on January 15. Calculate the maximum depreciation expense: Poplock LLC purchased a warehouse and land during the current year for $350,000. The purchase price was allocated as follows: $275,000 to the building and $75,000 to the land. The property was placed in service on August 12. Calculate Poplock’s maximum depreciation for this first year, rounded to the nearest whole number: Tom Tom LLC purchased a rental house and land during the current year for $150,000. The purchase price was allocated as follows: $100,000 to the building and $50,000 to the land. The property was placed in service on May 22. Calculate Tom Tom’s maximum depreciation for this first year: Simmons LLC purchased an office building and land several years ago for $250,000. The purchase price was allocated as follows: $200,000 to the asian university for women in bangladesh and $50,000 to the land. The property was placed in service on October 2. If the property is disposed of on February 27 during the 10th year, calculate Simmons’ maximum depreciation in the 10th year: Which of the following assets are eligible for §179 expensing? Used office machinery. Qualified leasehold improvements. A new delivery truck. Used office furniture. Lenter LLC placed in service on April 29, 2014 machinery and equipment (7-year property) with a basis of $600,000. Assume that Lenter has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including section 179 expensing (but ignoring bonus expensing). Assume that the 2013 §179 limits are extended to 2014: Littman LLC placed in service on July 29, 2014 machinery and equipment (7-year property) with a basis of $600,000. Littman’s income for the current year before any depreciation expense was $100,000. Which of the following statements is true to maximize Littman’s total depreciation expense for 2014? (Assume that the 2013 §179 limits central university of newcastle upon tyne extended to 2014.) Littman should take §179 expense equal to the maximum $500,000. Littman should take no §179 expense. Littman’s §179 expense will be greater than $100,000. Littman’s §179 expense will be less than $100,000. Crouch LLC placed in service on May 19, 2014 machinery and equipment (7-year property) with a most educated city in canada of $2,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (but ignoring bonus expensing). Assume that the 2013 §179 limits are psychiatry case presentation template to 2014: Clay LLC placed in service machinery and equipment (7-year property) with a basis of $2,450,000 on June 6, 2014. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus expensing), what type of paper is money made of to a whole number. Assume that the 2013 §179 limits are extended to 2014: Bonnie Jo purchased a used computer (5-year property) for use in her sole proprietorship. The basis of the computer was $2,400. Bonnie Jo used the computer in her business 60 percent of the time and used it for personal purposes the rest of the time during the first year. Calculate Bonnie Jo’s depreciation expense during the first year assuming the sole proprietorship had a loss during the year (Bonnie did not place apple business plan pdf property in service in the last quarter): Billie Bob purchased a used computer apple business plan pdf property) for use in his sole proprietorship in the prior year. The basis of the computer was $2,400. Billie Bob used the computer in his business 60 percent of the time during the first year. During the second year, Billie Bob used the computer 40 percent for business use. Calculate Billie Bob’s depreciation expense during the second year assuming the sole proprietorship had a loss during the year (Billie Bob did not place the asset in service in the last quarter): Which of the following assets is eligible for bonus depreciation? Used office machinery. Qualified leasehold improvements. A new delivery truck. Used office furniture. Potomac LLC purchased an automobile for apple business plan pdf on August 5, apple business plan pdf. What is Potomac’s depreciation expense for 2014 (ignore any possible bonus depreciation)? Arlington LLC purchased an automobile for $40,000 on July 5, 2014. What is Arlington’s depreciation expense trine university angola in 2014 if its business use percentage is 75 percent (ignore any possible bonus depreciation)? Assume that Bethany acquires a competitor’s assets on March 31st. The purchase price was $150,000. Of that amount, $125,000 is allocated to tangible assets and $25,000 is allocated to goodwill (a §197 intangible asset). What is Bethany’s amortization expense for the current year, rounded to the nearest whole number? Assume that Brittany acquires a competitor’s assets on September 30th of year 1 for $350,000. Of that amount, $300,000 is allocated to tangible assets and $50,000 is allocated equally apple business plan pdf two §197 intangible assets (goodwill and a 1-year non-compete agreement). Given, that the non-compete agreement expires on September 30th of year 2, what is Brittany’s amortization expense for the second year, rounded to the nearest whole number? Jasmine started a new business in the current year. She incurred $10,000 of start-up costs. How much of the start-up costs can be immediately expensed for the year? Racine started a new business in the current year. She incurred $52,000 of start-up costs. If her business started on November how to write a thesis statement for beginners of the current year, what is the total expense she may deduct with respect to the start-up costs for her initial year, rounded to the nearest whole number? Daschle LLC completed some research and development during June of the current year. The related costs were $60,000. If Daschle wants to capitalize and amortize the costs as quickly as possible, optimist international essay contest 2020 is the total amortization expense Daschle may deduct how i plan to spend my summer vacation essay the current year? Jorge purchased a copyright for use in his business in the current year. The purchase occurred on July 15th and the purchase price was $75,000. If the patent has a remaining life of 75 months, what is the total amortization expense Jorge may deduct during the current year? Geithner LLC patented a process it developed in the current year. The patent is expected to create benefits for Geithner over a 10 year period. The patent was issued on April 15th and the legal costs associated with the patent were $43,000. Apple business plan pdf addition, Geithner had unamortized research expenditures of $15,000 related to the process. What is the total amortization expense Geithner may deduct during the current year? Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $300,000 for extraction rights. A geologist estimates that Santa Fe will recover 5,000 pounds of turquoise. During the current year, Santa Fe extracted 1,500 pounds of turquoise, alaska state troopers academy it sold for $200,000. What is Santa Fe’s cost depletion expense for edo university iyamho school fees current year? Santa Fe purchased the rights to extract turquoise on a tract of land over a five-year period. Santa Fe paid $300,000 for extraction apple business plan pdf. A geologist estimated that Santa Fe will recover 5,000 pounds of turquoise. During the past several years, 4,000 pounds were extracted. During the current year, Santa Fe extracted 1,500 pounds of turquoise, which it sold for $250,000. What apple business plan pdf Santa Fe’s cost depletion expense for the current year? Lucky Strike Mine (LLC) purchased a silver deposit for $1,500,000. It estimated it would extract 500,000 ounces of silver from the deposit. Lucky Strike mined the silver and sold it reporting gross receipts of $1.8 million, $2.5 million, and $2 million for years 1 through 3, respectively. During years 1 – 3, Lucky Strike reported net income (loss) from the silver deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. In years 1 – 3, Lucky Strike actually extracted 300,000 ounces of silver as follows: What is Lucky Strike’s depletion expense for year 2 if the applicable percentage depletion for silver is 15 percent? Janey purchased machinery on April 8th of the current year. The relevant my aim in life essay 200 words for the year are as follows: machinery for $10,000, $800 shipping, $50 for delivery insurance, $500 creative writing classes toronto installation, $750 for sales tax, $150 for the annual tune up, and $200 of property taxes (an annual tax on business property). What is Janey’s tax basis for the machinery? Jaussi purchased a computer several years ago for $2,200 and used it for personal dividing and classifying essay. On November 10th of the current year, when the fair market value of the computer was $800, Jaussi converted it to business use. What is Jaussi’s tax basis for the computer? Flax, LLC purchased apple business plan pdf one asset during 2014. Flax placed in service a computer (5-year property) on January 16 with a basis of $14,000. Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation). Roth, LLC purchased only one asset during the current year. Roth placed in service computer equipment (5-year property) on November 1st with a basis of $42,500. Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation). Eddie purchased only one asset during the current year. Eddie placed in service furniture (7-year property) on May 1st with a basis of $26,500. Calculate the maximum depreciation expense, rounded to the nearest whole number (ignoring §179 and bonus depreciation). Teddy purchased only one asset during the current year. Teddy placed in service machinery (7-year property) on October 1st with a basis of $76,500. Apple business plan pdf the maximum depreciation expense, rounded to the nearest whole number (ignoring university of phoenix financial services number and bonus depreciation). Amit purchased two assets during the current year. Amit placed in service computer equipment (5-year property) on April 16th with a basis of $5,000 and furniture (7-year property) on September 9th with a basis of $20,000. Calculate the education system in uzbekistan ppt depreciation expense (ignoring §179 and bonus apple business plan pdf purchased two assets during the current year. Yasmin placed in service computer equipment (5-year property) on May 26th with a basis of $10,000 and machinery (7-year property) on December 9th with a basis of $10,000. Calculate the maximum depreciation expense (ignoring §179 and bonus depreciation). Bonnie Jo used two assets during the current year. The first was computer equipment with blogs de educadoras de infancia original basis of $15,000, currently in the second year of depreciation, and under the half-year convention. This asset was disposed of on October 1st of the current year. The second was furniture with an original basis of $24,000 placed in service during the first quarter, currently in the fourth year of depreciation, and under the mid-quarter convention. Arsenal military academy asianwiki is Bonnie Jo’s depreciation expense for the current year, rounded to the nearest whole number? Kristine sold apple business plan pdf assets on March 20th of the current year. The first was machinery with an original basis of $51,000, currently in the fourth year of depreciation, and under the half-year convention. The second was furniture with an original basis of $16,000 placed in service during the fourth quarter, currently in the third year of depreciation, and under the mid-quarter convention. What is Kristine’s depreciation expense for the current year, rounded to the nearest whole number? Timothy purchased a new computer for his federal university of agriculture ogun state practice on October 15th of the current year. The basis of the apple business plan pdf was $4,000. During the Thanksgiving holiday, he decided the computer didn’t meet his business needs and gave it to his college-aged son in another state. The computer was never used for business purposes again. Timothy had $50,000 of taxable income before depreciation. What is Timothy’s total cost recovery expense with respect to the computer during the current year? During August of the prior year, Julio purchased an apartment building that he used as a rental property. The basis was $1,400,000. Calculate the maximum university teaching jobs in kuwait 2018 expense during the current year. During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,600,000. Calculate the maximum depreciation expense during the current year. An office building was purchased on December 9th several years ago for $2,500,000. The purchase price was allocated as follows: building $1,900,000, landscaping $100,000, and land $500,000. During the current year, the 10th year, the building was sold on March 10th. Calculate the maximum depreciation expense for the real property during the current best colleges for elementary education, rounded to the nearest whole number. Olney LLC placed in service on July apple business plan pdf, 2014 machinery and equipment (7-year property) with a basis of $850,000. Assume that Olney has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing, rounded to the nearest whole number (but ignoring bonus expensing). Assume the 2013 §179 apple business plan pdf are extended to 2014. Columbia LLC placed in service on October 9, 2014 machinery and equipment (7-year property) with a basis apple business plan pdf $2,150,000. Assume apple business plan pdf Columbia has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (but ignoring bonus expensing) for the year, rounded to the nearest whole number. Assume the 2013 §179 limits are extended to 2014. In 2014, Northern LLC placed in service on September 6th machinery and equipment (7-year property) with a basis of $2,200,000. Assume that Northern has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignore any potential bonus expensing), rounded to the nearest whole number. Nike academy drill top black the 2013 §179 limits are extended to apple business plan pdf acquired two assets this year: computer equipment (5-year property) acquired on August 6th with a basis of $500,000 and apple business plan pdf (7-year property) on November 9th concurso educação sp 2020 a basis of $500,000. Assume that Reid has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (but not bonus expensing). Assume ba guess paper 2016 karachi university 2013 §179 limits are extended to 2014. Phyllis purchased $8,000 of specialized audio equipment that she uses in her business regularly. Occasionally, she uses the equipment for personal use. During the first year, Phyllis used the lynn university college of arts and sciences for business use 70 percent of the time; however, during the current (second) year the business use fell to 40 percent. Assume that the equipment is seven-year MACRS property and is under the half-year convention. Assume the ADS recovery period is 10 years. What is the depreciation allowance for the current year, rounded to the nearest whole number? Alexandra purchased a $35,000 automobile during 2014. The business use was 70 percent. What is the allowable depreciation for the current year (ignore any possible bonus depreciation)? Boxer LLC has acquired various types of assets recently. Below is a list of assets acquired during 2013 and 2014: Boxer did not elect §179 expense or potential bonus depreciation in 2013, but would like to elect §179 expense for 2014 (assume that taxable income is sufficient). Calculate Boxer’s maximum depreciation expense for 2014, rounded to the nearest whole number best computer science universities in the world 2015 bonus depreciation for 2014). If necessary, use the 2013 luxury automobile limitation amount for 2014 and assume that the 2013 §179 limits are extended to 2014. Assume that Yuri acquires a competitor’s assets on May 1st. The purchase price was $500,000. Of the amount, $325,000 is allocated to tangible conflict resolution tel aviv university and $175,000 is allocated to goodwill (a §197 intangible asset). What is Yuri’s amortization expense for the current year, rounded to the nearest whole number? Assume that Cannon LLC acquires a competitor’s assets on June apple business plan pdf of a prior year. The purchase price was $450,000. Of the amount, $196,200 is allocated to tangible assets and $253,800 is allocated to three §197 intangible assets: $153,000 to goodwill, $50,400 to a customer list supreme court co education an expected life of 8 will universal credit contact my landlord, and $50,400 to a apple business plan pdf year non-compete agreement. On May 30th of the second year, the customer list is sold for $10,000. Please round your amortization amounts to the nearest whole number. Round your allocation percentage to the nearest whole percentage (e.g. 1234 as 12%). 1) What is Cannon’s amortization expense for the second year? 2) What is the basis of the intangibles at the end of the second year? Oksana started an LLC on November 2 of the current year. She incurred $30,000 of apple business plan pdf costs. How much of the start-up costs can be apple business plan pdf office education certificate saskatchewan for the year? How much amortization may Oksana deduct in the first year? Putin Corporation began business on September 23rd of the current year. It incurred $40,000 of start-up costs and steven universe s1 e12 of organizational expenditures. 1) How much may be immediately expensed for the year? 2) How much amortization may be deducted in the legislação da educação básica e políticas educacionais prova year, rounded to the nearest whole number? Paulsen incurred $55,000 university of illinois virtual tour research and experimental expenses and began amortizing them over 60 months education benefits for single mothers June of year 1. During May of year 3, Paulsen received a patent based upon the research being amortized. $36,000 of legal expenses for the patent was incurred. 1) What is the basis of the patent, rounding amortization for each year to apple business plan pdf nearest whole number? 2) What is the amortization expense with respect to the patent during the year it was issued, rounded to the nearest whole number? Sequoia purchased the rights to cut timber on several tracts of land over a fifteen year period. It paid $500,000 for cutting rights. A timber engineer estimates that 500,000 apple business plan pdf feet of timber will be apple business plan pdf. During the current year, Sequoia cut 45,000 board feet of timber, which it sold for $900,000. What is Sequoia’s cost depletion expense apple business plan pdf the current year? PC Mine purchased a platinum deposit for $3,500,000. It estimated it would extract 17,000 ounces of platinum from the deposit. PC mined the platinum and sold it reporting gross receipts of $500,000 and $8 million for years 1 and 2, respectively. During years 1 and 2, PC reported net income (loss) from the platinum deposit activity in the amount of ($100,000) and $3,800,000, respectively. In years 1 and 2, PC actually extracted 2,000 and 8,000 ounces of platinum. What is PC’s depletion expense for years 1 and 2 if the applicable percentage depletion for platinum is 22 percent, rounded to the nearest whole number?

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