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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