-In March 2018, Zenia acquired a new automobile for $76,000 and used the automobile 70%...
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Accounting
-In March 2018, Zenia acquired a new automobile for $76,000 and used the automobile 70% for business. In 2019 her business use of the auto was 80%. Zenia's depreciation deduction for 2019 will be
A) $11,200.
B) $17,442.
C) $12,800.
D) $6,168.
-On January l, Grace leases and places into service an automobile with a FMV of $61,000. The business use of the automobile is 60%. The "inclusion amount" for the initial year of the lease from the IRS tables is $30. The annual lease payments are $11,000. What are the tax consequences of this lease?
A) deduction for lease payments of $6,582
B) deduction for lease payments of $6,570
C) deduction for lease payments of $6,600
D) deduction for lease payment of $6,630
-On January 1, 2018, NEIU Corporation acquires all of the net assets of Green Corporation for $4,500,000. The following intangible assets are included in the purchase agreement:
Assets
Acquisition Cost
Goodwill and going concern value
$200,000
Licenses
$ 100,000
Patents
$ 150,000
Covenant not to compete for five years
$180,000
What is the total amount of amortization allowed in 2018?
A) $15,000
B) $22,000
C) $31,000
D) $42,000
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