Taxation Help 02

Q1. Discuss the implications of an automobile that is used in a trade or business and has a gross vehicle weight GVW exceeding 6,000 pounds
Q2. Jose purchased a house for $300,000 in 2011. He used the house as his personal residence. In March 2014, when the fair market value of the house was $400,000 he converted the house to rental property. What is Jose’s cost recovery for 2014?

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Q3. Lori who is single, purchased 5 year class property for $31000 and 7 year class property for $42000 on May 20, 2014. Lori expects the taxable income derived from her business ( without regard to the amount expensed under section 179) to be about $100,000. Lori wants to elect immediate S179 expensing, but she doesn’t know which asset she should expense under S179. She does not claim any available additional first year depreciation.
a. Determine Lori’s total deduction if the S179 expense is first taken with respect to 5 year class asset.

b.Determine Lori’s total deduction if the S179 expense is first taken with respect to the 7 year class asset.

c. What is your advice to lori 2014 , Muhammad purchased a new computer for $16,000. The computer is used 100% for business. Muhammad did not make a S179 election with respect to the computer. He does claim any available first year depreciation. If Muhammad uses the MACRS statutory percentage method, determine his cost recovery deduction for 2014 for computing taxable income and for computing his alternative minimum tax.
Q4. Martha was considering starting a new business . During her preliminary investigations related to the new venture, she incurred the following expenditures
Interest on short-term note 4000
Professional fees ​ 13,000
Martha begins the business on July 1, of the current year. If Martha elects S195 treatment, determine her startup expenditure deduction for the current year.

Product Code :Tax02

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