Lance, the rental property owner, made several repairs/replacements this year and must decide whether they...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Lance, the rental property owner, made several repairs/replacements this year and must decide whether they should be depreciated. Which of the following conditions is not a determining factor in deciding when repairs and replacements should be depreciated?
a) Increase the value of a property
b) Make the property more useful
c) Lengthen the life of the property
d) Cost of the repair/replacement exceeds $2,500
Tom is a salesman who started using a home office on 01/01/2004. He claims depreciation expense on his tax return. What is the class life for Toms home office?
a) 39 years
b) 31.5 years
c) 27.5 years
d) 20 years
What convention would Tom use in his calculation of depreciation?
a) Half-year b) Mid-month c) Mid-quarter d) Semi-quarter
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
