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-In March 2018, Zenia acquired a new automobile for $76,000 and used the automobile 70%...

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Accounting

-In March 2018, Zenia acquired a new automobile for $76,000 and used the automobile 70% for business. In 2019 her business use of the auto was 80%. Zenia's depreciation deduction for 2019 will be

A) $11,200.

B) $17,442.

C) $12,800.

D) $6,168.

-On January l, Grace leases and places into service an automobile with a FMV of $61,000. The business use of the automobile is 60%. The "inclusion amount" for the initial year of the lease from the IRS tables is $30. The annual lease payments are $11,000. What are the tax consequences of this lease?

A) deduction for lease payments of $6,582

B) deduction for lease payments of $6,570

C) deduction for lease payments of $6,600

D) deduction for lease payment of $6,630

-On January 1, 2018, NEIU Corporation acquires all of the net assets of Green Corporation for $4,500,000. The following intangible assets are included in the purchase agreement:

Assets

Acquisition Cost

Goodwill and going concern value

$200,000

Licenses

$ 100,000

Patents

$ 150,000

Covenant not to compete for five years

$180,000

What is the total amount of amortization allowed in 2018?

A) $15,000

B) $22,000

C) $31,000

D) $42,000

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