AC 507 (AC 507 Unit 1 Quiz)

The first and last years of MACRS depreciation deductions for a 5-year asset costing $10,000 using the half-year convention are: Conrad Corporation has a June 30 year end. What is the MACRS depreciation percentage deduction for the first year for a five-year asset acquired October 15 under the mid-quarter convention. Momee Corporation, a calendar-year corporation, bought only one asset in 2009, a crane it purchased for $700,000 on November 24. It disposed of the asset in April, 2014. What is its...

What is the gain or loss on the sale of an asset for $68,000 if the asset cost $185,000, depreciation expense deducted was $124,000, and there was a $19,000 major addition to the asset? What is George’s gross income if he has the following: Salary = $78,000; Dividends = $4,000; interest on city of San Francisco bonds = $2,000; a gain of $14,000 on a stock sale and a $4,000 loss on a small sole proprietorship that he owns. What is the marginal tax rate for a corporation with $110,000 of taxable...