On May 28, 2021, Mary purchased and placed in service a new $60,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal use in 2021. In 2022, the usage changed to 40% for business, 30% for production of income, and 30% for personal use. Mary did not elect immediate expensing under § 179. She did not claim any available additional first-year depreciation. Compute Mary's cost recovery deduction for 2021 and 2022 and any cost recovery recapture for 2022.

Answers

Answer 1

Mary's cost recovery deduction for 2021 and 2022 include $8000 and $8400 while the cost recovery recapture for 2022 is $3200.

The MACRS cost recovery for 2021 will be calculated thus:

= $60000 × 20%

= $12000

Since the depreciation for luxury automobile is limited to $10000, the the cost recovery deduction for 2021 will be:

= $10000 × (60% + 20%)

= 80% × $10000.

= $8000

Mary's cost recovery deduction for 2022 will be;

= (40% + 39%) × $12000

= 70% × $12000

= $8400

The cost recovery recapture for 2022 will be calculated thus:

Cost recovery deduction = $8000

The straight-line depreciation will be:

= 10% × $60000 = $6000

The proportionate depreciation for business and production will be:

= (60% + 20%) × $6000

= 80% × $6000

= $4800

Therefore, the cost recovery recapture in 2022 will be:

= $8000 - $4800

= $3200

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Related Questions

Henry is preparing to give a report on the coronavirus vaccine and is starting his research. What are the BEST possible sources for him to use in his research?
✅government websites and newspapers
- friends’ and parents’ opinions
- Twitter and Reddit
- advertisements

Answers

Answer:

government websites and newspapers or

advertisements

one of the tools available for measuring brand equity was developed by young & rubicam. it is called the brand asset valuator. which four consumer perspective dimensions does it use to evaluate a brand’s equity?

Answers

Answer: esteem, differentiation, relevance, knowledge

Explanation:

Brand equity is a measure of the worth of a brand the use of tools and techniques are essential for the development of the brand as per the young & Rubicam.

The perspective dimensions include esteem, differentiation, knowledge, and relevance. The esteem of a brand is the image of the brand and differentiation is the means by which the brand is set apart.  The knowledge of the brand is the customer's understanding of the brand and ability to recall its products. Relevance is the connection of emotions to the brand.

Hence these are tools for measuring brand equity.

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the diffusion of innovation refers to the rate at which consumers ______ a given product or service.

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Answer:

adopt

Explanation:

The amount that a vendor charges for goods is known as the

Answers

The price, or fee, is what the vendor charges

an economist would explain reece’s decision to be – because she – the prepaid cost, and made her decision based on the marginal benefit and cost of going. in economics these prepaid costs would be referred to as – costs, which are unrecoverable.

Answers

Answer:

An economist would explain Reece’s decision to be rational  because she ignored  the prepaid cost, and made her decision based on the marginal benefit and cost of going. In economics, these prepaid costs would be referred to as sunk costs, which are unrecoverable.

HELP! i need help with this brochure project for economics and personal finance. its about Understanding Checking and Debit Accounts can someone please give me the information or something for it or if u have already done it can you please give it to me.
the document has all the information.

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Answer:

PLEASE DO YOU HAVE IT NOW I NEED IT ASAPP

Explanation:

please I need to graduate

What is a mutual fund

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Answer: A mutal fund is a professionally managed investment fund that pools money from many investors to purchase securities. the term is typically used in the United States, Canada, and India while simular structures across the globe include the SICAV in Europe and open-ended investment company in the UK.

Explanation:

Mutual eow eieité gòïèß błack

Fill in the blank. . Roughly ___ million trademarks are registered with the U.S. government.

A. 10
B. 12
C. 2
D. 5

Answers

Roughly 2 million trademarks are registered with the U.S. government.

What is a Registered Trademark?

This refers to the intellectual property of an individual or business that is duly registered and bears a mark, sign or symbol.

Hence, we can see that according to the official count, there are about 1.9 million trademarks that are registered with the American government, and thus, when roughly stated, one can say that they are 2 million and option C is correct.

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Explain Market Segmentation

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In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.

Sorry if i was not helpful

if i was then please mark me the brainliest

What is a bank is it a capital liability or asset

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Answer:

I think that it's asset, but I'm not 100% sure on that one! sorry!!

which of these are among the macroeconomic goals of governments? check all that apply.

Answers

Answer:steadily increasing the gross domestic product. Keeping citizens employed. Managing prices throughout the economy

Explanation:

the manager at creative minds inc. is distressed that employee absenteeism increased by 16% in the past year. how would you recommend the manager respond to this inside force?

Answers

I will recommend that the manager identify the frequently absent employees and replace them with artificial intelligence.

Today, the artificial intelligence is a modern technology which performs the function of employees more efficiently and effectively.

The artificial intelligence such as software package that perform a work process automatically does not makes mistakes and does not appear absent as place of work.

Therefore, i will recommend that the manager identify the frequently absent employees and replace them with artificial intelligence.

The option includes "a. Evaluate the HR practices to ensure they are generating the behaviors needed to accomplish strategic goals. b. Identify the frequently absent employees, and replace them with artificial intelligence c. Remind employees about how Creative Minds is genuinely connected to supporting youth art programs. d. Demonstrate how the firm is committed to simultaneously tackling global social issues and maximizing shareholder wealth."

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Answer:

Identify the frequently absent employees, and replace them with artificial intelligence.

Explanation:

When determining asset allocation and diversification, you should mostly
consider
A. rate of return
B. portfolio size
C. real estate holdings
D. similar investments

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Answer:reet of return

Explanation:

When both the offeror and the offeree agree to all terms and conditions of the contract, this is known as
A. mutual assent
B. acceptance
C. counteroffer
D. offer​

Answers

Answer:

mutual assent

Explanation:

A witness statement is a primary source.
✅True
- False

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Answer: true

Explanation:

Answer:  E  esa mfvk,mvg b fedv bgfmdv gbfrecmbg v

According to the video, the work of Heating and Air Conditioning Mechanics and Installers combines the skills of which workers? Check all that apply. Pump Operators Plumbers Electricians Refrigeration Specialists Power Plant Technicians Hydroelectric Production Managers

Answers

Answer:

B,C,D

Explanation:

Plumbers

Electricians

Refrigeration Specialists

Select the correct answer.
Which statement describes an advantage or benefit of market research?
A.
It guarantees a business’s success and profits.
B.
All its methods are inexpensive and easy to apply.
C.
It helps a business explore new opportunities in the market.
D.
It is necessary only in a business’s initial stages.

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Answer:

c

Explanation: just did the test

when a market allocation of resources maximizes the total surplus received by all members of society we say there is

Answers

Whenever there is maximization of total surplus that is been received by those that are part of society by market allocation of resources then there is market Efficiency.

Economic efficiency can be regarded as economic state whereby there is allocation of resource to serve each individual or entity in way that everyone is satisfied while minimizing waste and inefficiency.

Therefore, When there is  an economy efficiency,  there would be maximization of total surplus.

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Which of the following is a characteristic of a service?
A. Can be stored
B. Can be repeated in exactly the same way
C. Mass produced
D. Intangible

Answers

Answer:

D.Intangible

Explanation:

Because three characteristics of service are: intangibility, inseparability, variability

The correct answer is D. Intangible.  is a characteristic of a service

What are services

Services are intangible in nature. This means that they do not have a physical presence and cannot be touched or held like physical goods. This is one of the key characteristics that differentiates a service from a product.

Options A, B, and C are typically characteristics of goods, not services:

A. Services cannot be stored for later use like physical goods.

B. Due to the human aspect involved in delivering services, they may not be repeated in exactly the same way each time.

C. Services are generally customized to the individual customer and are not mass-produced in the same sense as physical goods.

Option D is therefore a service characteristic.

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how did the geographic location of harappa affect trade?

Answers

Answer:

The city was convenient for trading opportunities.

Explanation:

The following events took place at a manufacturing company for the current year: (1) Purchased $95,000 in direct materials. (2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600. (3) Other manufacturing overhead was $107,000, excluding indirect labor. (4) Transferred 80% of the materials to the manufacturing assembly line. (5) Completed 65% of the Work-in-Process during the year. (6) Sold 85% of the completed goods. (7) There were no beginning inventories. What is the journal entry to record the direct labor costs for the period

Answers

The journal entry to record the direct labor costs includes a Debit to Work-In-Process Inventory and Credit to Wages Payable.

Basically, in manufacturing account, the Direct labor cost refers to the wages/salaries that are incurred in order to produce/provide goods or services to customers

In order to record the direct labor costs for a period, the journal entry will includes a Debit to Work-In-Process Inventory and Credit to Wages Payable.

in this question from Number 2, the incurred direct labor costs is $56,000. Therefore, there will be a Debit of 56,000 to Work-In-Process Inventory and Credit of $56,000 to Wages Payable.

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The entity’s manufacturing division, whose assets constituted 75% of its total assets at September 30, Year 5 (end of year), was sold on November 1, Year 5. The new owner assumed the bonded indebtedness associated with this property. How should this event be presented in the financial statements?

Answers

The event should be presented in the financial statements as follows:

1. The assets side of the balance sheet will be reduced by 75%, with its accompanying accumulated depreciation.

2. The bonded liability on the balance sheet is eliminated by the relevant amount.

3. The journal entry should debit the Bonded Liability and accumulated depreciation, while the assets worth 75% are credited.

4. If the bonded indebtedness is more than 75% of the assets, the company records a profit on disposal on the income statement. Otherwise, it records a loss. If they are equal, there is no profit or loss.

Thus, the difference between the debit and credit entries constitutes either profit or loss on disposal.

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some would describe american capitalism as?

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is hell an option i can pick?

the emergence of ride sharing apps like lyft and uber have created gains from trade by

Answers

The emergence of ride sharing apps like Lyft and Uber have created gains from trade by introducing new sellers into the market for taxi services and decreasing the price of rides.

Gains from trade can be described as the increase in consumer surplus and producer surplus as a result of lower tariffs when consumers and producers are allowed to trade with less restrictions. Gains from trade occurs as a result of lower trade prices.

Ride sharing apps are apps that allow people to order for rides from their phones using an app. Examples are uber and lyft.

Ride sharing apps has increased the amount of ride options available to users. This has lead to lower prices as ride sharing apps have lowered prices to attract customers.

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Question Mode Multiple Choice Question A marketing channel in which multiple segments are owned by the parent company is known as a(n) ______. Multiple choice question. conventional marketing channel independent marketing channel corporate vertical marketing system unified horizontal marketing system

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Answer:

marketing channel....

future changes in automobile technology are likely to include

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Answer:    Flying cars??

Explanation: Im 99.9% sure it will happen.

________ capital is the economic or productive potential of employee knowledge and actions.

Answers

Answer:

human capital i think

Explanation:

Traditional stock split definition

Answers

Answer:A traditional stock split is also known as a forward stock split. ... A company that issues a reverse stock split decreases the number of its outstanding shares and increases the share price. Like a forward stock split, the market value of the company after a reverse stock split would remain the same.

Explanation:

Answer:

A traditional stock split is also known as a forward stock split. ... A company that issues a reverse stock split decreases the number of its outstanding shares and increases the share price. Like a forward stock split, the market value of the company after a reverse stock split would remain the same.

Explanation:

I hope this help! :)

one of the advantages associated with television as an advertising medium is that it:

Answers

It has a bigger audience and reaches put to people of all ages

One of the advantages associated with television as an advertising medium is that it has the ability to communicate with the audience through sight, sound, as well as motion all at once.

What is advertising?

One of the most common advertising channels is television. This kind of advertising media offers numerous benefits, including the ability to reach a large audience, a well-appropriate target group, and the ability to advertise often.

In comparison to online advertisement, it first introduces a brand to a far bigger audience. Most other types of promotion are driven by TV advertising. Although audiences may use various gadgets while watching TV, they are still very much interested with the material.

A marketing strategy known as advertising involves purchasing real estate to advertise a commodity or service. The actual marketing efforts are called advertising, or ads for short. Reaching those who are the most likely to be to purchase for a company's activities is the aim of advertising.

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what is the meaning of statistics??​

Answers

Explanation:

1 : a branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data. 2 : a collection of quantitative data.

Answer:

Statistics is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data.

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