An asset is placed in service on May 15, 2020 and has a depreciable basis...
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Accounting
An asset is placed in service on May 15, 2020 and has a depreciable basis of $40,000. The asset is in the 7-year recovery class and the half-year convention applies. What is the maximum depreciation deduction that may be claimed for 2020, assuming no election to expense and no bonus depreciation?
a.$5,144
b.$5,716
c.$25,000
d.$2,572
e.None of these choices are correct.
Carla and Bob finalized an adoption in 2020. Their adoption fees totaled $10,000. They have AGI of $238,520 for 2020. What is their adoption credit?
a.$4,000
b.$14,300
c.$7,263
d.$10,000
A taxpayer places a $50,000 5-year recovery period asset in service in 2020. This is the only asset placed in service in 2020. Assuming half-year convention, no immediate expensing, what is the amount of bonus depreciation?
a.$50,000
b.$10,000
c.$0
d.$25,000
e.None of these choices are correct.
Child and Dependent Care Credit (LO 7.3)
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 8 months of the year, and Marty earns $53,800. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $8,600.
What is their child and dependent care credit?
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