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UNIT 4
Perform Chapter 8 Problems 24, 33, 35, 36 & 45( Pages 8-40, 41 & 42 in the text) and Chapter 9 Problems 3, 9, 15, 27 & 28( Pages 9-37, 38, 39 & 40 in the text)
Chapter 8
24. LO. 4 Discuss how the limits on cost recovery apply to listed property.
33. LO. 2 Orange Corporation acquired new office furniture on August 15, 2014, for $ 210,000. Orange elects immediate expensing under § 179. Orange does not claim any available additional first-year depreciation. Determine Orange’ s cost recovery for 2014.
35. LO. 2 Juan acquires a new 5-year class asset on March 14, 2014, for $ 200,000. This is the only asset Juan acquired during the year. He does not elect immediate expensing under § 179. He does not claim any available additional first-year depreciation. On July 15, 2015, Juan sells the asset.
45. LO. 2, 3, 9 Lori, who is single, purchased 5-year class property for $ 31,000 and 7-year class property for $ 42,000 on May 20, 2014. Lori expects the taxable income derived from her business( without regard to the amount expensed under § 179) to be about $ 100,000. Lori wants to elect immediate § 179 expensing, but she doesn’ t know which asset she should expense under § 179. She does not claim any available additional first-year depreciation.
Chapter 9