Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. [the following information applies to the question

[The following information applies to the questions displayed below.] Dains Diamond Bit Drilling...

70.2K

Verified Solution

Question

Accounting

[The following information applies to the questions displayed below.]

Dains Diamond Bit Drilling purchased the following assets this year.

Purchase Original
Asset Date Basis
Drill bits (5-year) Jan-08 $ 90,500
Drill bits (5-year) Jul-15 98,500
Commercial building Apr-13 286,000

Assume its taxable income for the year was $64,250 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.)

c. If the January drill bits original basis was $2,596,000, what is the maximum amount of 179 expense Dain's may deduct for the year?

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!
Become a Member

Other questions asked by students

Q

A professor sits on a rotating stool that spins at 10.0rpm while she holds a 1.00-kg...

Physics
Q

A baby carriage is sitting at the top of a hill that is 41 m...

Physics
Q

4 Find the exact values of the five trigonometric ratios for tan a 5 and...

Basic Math
Q

The Venn diagram here shows the cardinality of each set Use this to find the...

Statistics
Q

Determine if the function is one to one 0 4 1 3 2 2 1...

Algebra
Q

If fixed costs are $842,000 and variable costs are 61% of sales, the break-even point...

Accounting
Q

birect Materials Mix and Yield Variances Chypre, Inc., produces...

Accounting
Q

The account type for Merchandise Discounts should be ______ a. cost of goods sold b....

Accounting
Q

Alina owns a rental house that she has rented to various tenants since September of...

Accounting
Q

Negotiation Simulation A joint venture negotiations between China Shanghai EPSCO Elevator Co. Ltd...

Accounting
Q

Hartman Company's Lucas plant manufactures thermostatic controls. Plant management has experienced fluctuating monthly overhead costs...

Accounting
Q

x

Finance