Olga is the proprietor of a small business

by | Jul 5, 2021 | Homework Help

Olga is the proprietor of a small business. In 2014, the business’s income, before consideration of any cost recovery or $ 179 deduction, is $104,000. Olga spends $40,000 on new 7-year class assets and elects to take the § 179 deduction on them. She does not claim any available additional first-year depreciation. Olga’s cost recovery deduction for 2014, except for the cost recovery with respect to the new 7-year assets, is $86,000.

What is the tentative amount of Olga’s overall § 179 deduction for the seven-year class assets before any income limitation? $Olga’s cost recovery amount (excluding any $179 deduction) for the seven-year class assets is $ The total amount of Olga’s § 179 deduction for the seven-year class assets after any income limitation is $Olga’s total cost recovery depreciation deduction (including any § 179 deduction) is $What is the amount of any $179 carryforward?

$2) On March 15, 2014, Helen purchased and placed in service a new Escalade. The purchase price was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business.

Section § 179 expense

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