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Book/movie review
22/08/2022
o 1040
o Schedule C
o Schedule D
o Form 4562
o Form 4797
o Form 8949
o Schedule SE
· AMT (alternative minimum tax) is NOT part of this Project; You do NOT have to calculate AMT!!!
· Also, you do NOT need to depreciate the Artwork
Facts:
The Dunphys provide you with the following additional information:
|
Advertising |
$ 5,000 |
|
Professional dues |
800 |
|
Professional journals |
200 |
|
Employee wages |
48,000 |
|
Insurance on office contents |
1,120 |
|
Accounting services |
2,100 |
|
Miscellaneous office expense |
500 |
|
Utilities and telephone |
3,360 |
|
Payroll taxes |
3,600 |
|
Depreciation |
To be calculated |
On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings. Phillip’s expenditures for the new office building are as follows:
|
Date Acquired |
Asset |
Cost |
|
3/20 |
Land |
$300,000 |
|
3/20 |
Office building |
2,500,000 |
|
3/20 |
Furniture |
200,000 |
|
4/1 |
Computer system |
350,000 |
|
6/1 |
Artwork |
150,000 |
Phillip computes his cost recovery allowance using MACRS. He would like to use the §179 immediate expensing, but he has elected to not claim any bonus depreciation. Phillip has never claimed §179 or bonus depreciation before. The assets Phillip sold on March 20 are as follows:
|
Date Acquired |
Asset |
Sales Price |
Original Cost |
Accumulated Depreciation as of Beginning of the Year |
|
5/1/05 |
Office building |
$940,000 |
$900,000 |
$129,825 |
|
5/1/05 |
Land |
200,000 |
100,000 |
0 |
|
7/1/05 |
Furniture |
50,000 |
239,000 |
206,998 |
|
8/13/07 |
Furniture |
10,000 |
324,000 |
222,782 |
|
4/12/08 |
Office equipment |
100,000 |
120,000 |
67,524 |
|
5/13/10 |
Computers |
$ 30,000 |
50,000 |
10,000 |
Phillip has never sold any assets relating to his business before this transaction.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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