Homework1 Please complete these 3 questions in the document. Please check the question document below. Please complete this work within 48hrs, give this

Click here to Order a Custom answer to this Question from our writers. It’s fast and plagiarism-free.

Please complete these 3 questions in the document.

Please check the question document below.

Please complete this work within 48hrs, give this work on Sunday, Feb 6th, before 12PM with US central time (Chicago)

Name:_________________________________

1.)

Tiny Treasures has the following assets. Calculate the depreciation deduction for 2021.

Asset

Convention

Date Purchased

Date Sold

Cost

Depreciation 2021

Truck

HY

2/6/17

$35,000

Land

3/1/18

9/5/21

$100,000

Office building

MM

3/1/18

9/5/21

$500,000

Office furniture

MQ

8/12/20

9/5/21

$40,000

Computer equipment

MQ

11/1/21

$15,000

2.) Barnyard Blitz sold the following assets:

· Land used in their business, purchased 5 years ago for $200,00 and sold this year for $312,000

· Land held for investment, purchased 3 years ago for $400,000 and sold this year for $450,000

· Stock in Farmania, Inc., purchased 6 months ago for $50,000 and sold this year for $42,000

· Stock in Tractor Town, Inc., purchased 2 years ago for $112,000 and old this year for $200,000

Blitz has a long-term capital loss carryover from the previous year of $15,000. What is the amount and character of their gain (loss) after all netting?

3.) Shipwreck Sally’s provided the following financial information:

Sales

$500,000

Salaries

($150,000)

Depreciation

($70,000)

Rent

($120,000)

Lobbying expenditures

($14,000)

Interest income

$26,000

In talking with the owner, you discover the following:

· Included in sales is a pre-payment of $10,000 for goods to be delivered next year.

· Depreciation was calculated on a straight-line basis. MACRS depreciation is $95,000.

· Rent consists of a 24-month rental agreement for office space. The rent was paid on May 15th and the rental term began on June 1st.

· Interest income consists of $20,000 bank interest and $6,000 interest on a Champaign County municipal bond.



Shipwreck Sally’s is accrual basis for tax purposes and would like to make any elections that help reduce taxable income. What is Shipwrecked Sally’s taxable income for the year?

Place your order now for a similar assignment and have exceptional work written by one of our experts, guaranteeing you an A result.

Need an Essay Written?

This sample is available to anyone. If you want a unique paper order it from one of our professional writers.

Get help with your academic paper right away

Quality & Timely Delivery

Free Editing & Plagiarism Check

Security, Privacy & Confidentiality