[The following information applies to the questions displayed below.] Dains Diamond Bit Drilling...
60.1K
Verified Solution
Link Copied!
Question
Accounting
[The following information applies to the questions displayed below.]
Dains Diamond Bit Drilling purchased the following assets this year.
| Purchase | Original | ||
| Asset | Date | Basis | |
| Drill bits (5-year) | Jan-13 | $ | 130,500 |
| Drill bits (5-year) | Sep-01 | 149,750 | |
| Commercial building | May-27 | 234,000 | |
|
| |||
Assume its taxable income for the year was $61,500 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4and Table 5.) (Leave no answer blank. Enter zero if applicable.)
b. What is Dains maximum depreciation deduction for the year (including 179 expense)? (Round your intermediate calculations to the nearest whole dollar amount
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.