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  1. #1
    Registered User JayKid's Avatar
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    Reps for LIFE! Help with Tax

    1. Alicia was involved in an automobile accident. Her car was used 50% for business and 50% for personal use. The car had originally cost $40,000. At the time of the accident, the car was worth $20,000 and Alicia had taken $8,000 of depreciation. The car was totally destroyed and Alicia had let her car insurance expire. If Alicia?s AGI is $50,000 (before considering the loss), determine her itemized deduction for the casualty loss.


    2. Tara purchased a machine for $40,000 to be used in her business. The cost recovery allowed and allowable for the three years the machine was used are as follows: (2 Points)

    there are values for 3 years, one row with "cost allowed" and another "cost allowable" no idea which to use.


    3. Bonnie purchased a new business asset (five-year property) on March 10, 2008, at a cost of $20,000. She also purchased a new business asset (seven-year property) on November 20, 2008, at a cost of $13,000. Bonnie did not elect to expense either of the assets under ? 179, nor did she elect straight-line cost recovery. Determine the cost recovery deduction for 2008 for these assets. (3 Points)


    4. Taxes on Reside (march 1 - august 32) 5250
    State motor vehicle tax (based on the value of the personal use automobile) = 430
    state income tax = 3500

    Nancy sold her personal residence on June 30, under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What amount qualifies as a deduction from AGI for Nancy?

    REPS FOR LIFE!!!
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  2. #2
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  3. #3
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  6. #6
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