Assingment

Assignment Choice #1: Cost Recovery Methods

A real estate professional is preparing a depreciation schedule to complete his tax return. He owns a residential property that he rents. The list of depreciable assets are shown below.

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now
Asset

Initial Basis/Cost

Acquisition Date

Residential Real Estate Asset

$125,000

2/1/2000

Furniture

$5,000

1/15/2013

Refrigerator

$200

6/15/2012

Microwave

$50

7/1/2013

Carpet

$1,000

8/2/2010

Fences

$2,000

2/1/2000

Requirements:

Analyze the information above. Modify the attached spreadsheet to address each of the numbered requirements. In the appropriate areas:

  1. List the Asset Class.
  2. Calculate the depreciation amount for the current tax year and list the table used.
  3. Cite the information source from which you answered #1 and #2 (IRS publication, textbook, website, etc.).

Clearly identify the requirement being addressed. Show all calculations within the cells of the spreadsheet. This means that you must use formulas and links so that your thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions is permitted.

Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

Note: If IRS Publication 527 is used, apply the MACRS GDS system instead of the MACRS ADS system.

 
"If this is not the paper you were searching for, you can order your 100% plagiarism free, professional written paper now!"

"Do you have an upcoming essay or assignment due?


Get any topic done in as little as 6 hours

If yes Order Similar Paper

All of our assignments are originally produced, unique, and free of plagiarism.